Iraq's Major Contract for Power Generators Released from Hold

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Last updated at: (Beijing Time) Wednesday, October 30, 2002

Iraq's Major Contract for Power Generators Released from Hold

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Benefited from new procedures aimed at accelerating the release of items on hold, Iraq will receive two power plant gas turbines valued at 80 million US dollars, a UN office running the "oil-for-food" scheme announced Tuesday.

The newly approved contract has been on hold for nearly two years, the office said in a weekly update.

Once installed and commissioned, the gas turbines will produce power for the northern governorates of Erbil and Sulaymaniyah, which will be reconnected to the national electricity grid as partof an effort to increase the supply of electricity to all three northern governorates, according to the office

Meanwhile, Baghdad's oil exports plunged from the previous week's record high of 3.03 million barrels per day to 729,000 barrels in the week ending Oct. 25, it reported.

With the average price of Iraqi crude at approximately 24.05 dollars per barrel, the week's exports earned an estimated 123 million dollars.

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