ECONOMY

METKA signs new contract with Iraqi electricity ministry

Greek blue chip construction firm METKA announced on Monday it has signed a new contract with the Electricity Ministry of Iraq for the construction of a combined cycle plant at Al-Anbar.

This is the second major project the Greek construction company has undertaken in Iraq, to be implemented by a consortium named Consortium METKA Overseas Ltd.

The contract provides for the study, procurement, construction and operational launch of a natural gas-powered plant with a total capacity of 1,642 megawatts, budgeted at $1.05 million.

The timetable for delivery of the project is 32 months after the issue of the letter of credit, METKA announced.