Iraq and Toyota Tsusho sign US$13.6 million power deal
Monday, Nov 16, 2009
Iraq has signed a 1.23 billion yen ($13.60 million) deal with Japan's Toyota Tsusho (8015.T) to buy eight power transformers and six auxiliary units, the Iraqi electricity ministry said on Tuesday.Iraq is ramping up efforts to meet a deep shortfall in its power supply, a chief complaint of many Iraqis as the sectarian violence that killed thousands fades and the country enjoys its best security in years.
"(The electricity ministry) ... signed a contract with Toyota (Tsusho) to supply power transformers and backup convertors to boost the northern transfer grid because it is old," ministry spokesman Ibrahim Zaidan said.
Zaidan gave no other details.
Iraq's current electricity capacity is around 7,500 MW, compared with an estimated demand of 12,000 MW. Toyota Tsusho is 21.5 percent owned by Toyota Motor Corp (7203.T). ($1=90.10 Yen)
Source: Reuters
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