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Iraq signs contract with Turkish companies to run steel plant in Basra
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Monday, 11 Feb 2013
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The Ministry of Industry and Minerals in Iraq has signed a contract with a Turkish company to run iron and steel plant in Basra at an investment cost of USD 700 million, stressing that the company will raise the production capacity of the factory to 1 million tonnes per year.

Mr Abbas GD of Iron and Steel Company of the Ministry said that the company has signed investment contracts with the company Turkish run iron and steel plant located in the Khor Al-Zubair in Basra, pointing out that the investment cost of the contract amount to USD 700 million.

He said that the contract the company will be required to develop and re run the plant through processing machines and equipment and development of new production lines, stressing that the company would raise the level of production to 1 million tonnes per year while the design capacity of the plant 440,000 tonnes.

Mr Abbas explained about the rehabilitation and development work will take 3 years while duration of the contract is set at 18 years pointing out that the profits will be distributed between the two companies and the proportion of them to the province of Basra.

Source - Steel Network

(www.steelguru.com)

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