ISTANBUL: Netherlands-based energy firm Unit Investment NV said on Tuesday it and Turkish firm Polteks had signed a deal with Iraq's Kurdistan region to build a gas-fired power plant with a capacity of up to 1,260 megawatts (MW).
Under the first phase of the deal, which was signed on Monday, the plant will have a capacity of 840 MW, which could be increased to 1,260 MW, Unit said, adding that the two firms aimed to complete the facility in 28 months.
Turkish energy companies are increasingly teaming up with the Kurdistan Regional Government (KRG) as the semi-autonomous region's rich oil and gas reserves are extremely attractive for energy-hungry Turkey, which is dependant on imports for almost all of its power needs.
The KRG and Turkey last week signed a package of oil and gas contracts that will allow the Kurdish enclave's natural resources to be shipped to world markets. (Reuters)