Economy News – Baghdad
On Wednesday, the Ministry of Electricity presented its investment strategies aimed at bolstering energy production and attracting international firms. In conjunction with the commencement of maintenance activities intended to address bottlenecks ahead of summer, the ministry unveiled significant investment opportunities for the establishment of new power facilities and the extension of equipment operating hours.
“The significance of the electricity sector is universally acknowledged, as it directly impacts the livelihoods of citizens and the economy, forming a cornerstone of governmental efforts,” a ministry official stated.
He further noted that “the ministry is diligently finalizing emergency, programmed, and periodic maintenance services to guarantee readiness prior to the summer season. Initiatives to enhance transmission lines and extend energy supply hours are also underway, alongside efforts to mitigate bottlenecks and develop resources and power plants.”
The official highlighted that “the ministry is introducing investment programs and strategies that open doors for both national and international companies to establish large-scale energy production facilities or enhance the distribution network utilizing innovative smart transformation technologies.”
He pointed out that “these opportunities encompass the implementation of steam and gas power plants, with the ministry planning to procure energy in accordance with investment law regulations.” He added, “Current conditions present significant opportunities for international and local entities to construct new facilities aimed at increasing energy output, effectively meeting the peak demands during the summer months.”
Moussa emphasized that “substantial investment projects have been awarded to several companies engaged in energy production that benefit the Ministry of Electricity. Additionally, extensive projects involving electrical connectivity and the construction of steam power stations are open for bidding from international companies. The ministry is also reviewing commercial and technical proposals submitted by various firms for projects in the distribution sector.”
Moreover, “the ministry is committed to fulfilling governmental objectives by securing promising investment opportunities that aid in safeguarding public funds while achieving a robust partnership characterized by timely completion, adherence to project specifications, and compliance with established financial standards.”
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