AFP reported that Syria and German engineering giant Siemens inked a USD 419 million contract for the expansion of a power plant north of Damascus.

"The minister of electricity signed with German group Siemens a contract worth EUR 305 million to expand the Nassariya power station in north Damascus. Siemens will work to design, manufacture, supply, install and operate all equipment necessary for the creation of an additional branch of the plant."

The deal comes after the European Union slapped an eighth round of sanctions on the regime of Mr Bashar al Assad president of Syria over its brutal crackdown on protesters.

The EU has already prohibited the delivery of bank notes to the Syrian central bank and banned oil imports and investments in the oil sector. It also imposed an EU travel ban and assets freeze on Assad and his closest associates.

(Sourced from AFP)