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February 16, 2023[You must be registered and logged in to see this link.]
Baghdad / Obelisk: General Electric confirmed that the memorandum of understanding signed with Iraq aims to achieve the vision of the Ministry of Electricity to provide a highly reliable infrastructure for the energy sector and support economic growth, while the company showed its business map in the country.
Joseph Anis, President and CEO of General Electric, said, "The memorandum of understanding signed today is an extension of our continuous cooperation with the Iraqi Ministry of Electricity, and reflects its vision to stimulate positive change by developing a sustainable, highly reliable infrastructure for the energy sector, especially since its strengthening does not contribute to meeting the growing energy needs." Not only that, but it is also a starting point for economic growth.
He added that General Electric has supported the endeavors of the Iraqi people in developing the energy sector for more than 50 years, and we added up to 19 gigawatts of production capacity in the country in just over a decade, and we were among the first companies to rehabilitate power plants in liberated areas. And we have helped the Iraqi government secure more than $2.4 billion in financing energy projects since 2015. The new Cooperation Principles Document (the signed Memorandum of Understanding) confirms our continued commitment to providing effective results that drive progress in various regions of Iraq and help build its local capabilities.
And he continued, that in 2021, General Electric announced a comprehensive plan for energy transition in Iraq that includes several proposed strategic initiatives to support the transition to the use of cleaner energy sources, and to continue to enhance the capabilities of Iraqi workers in this field. The initiatives include the use of gas associated with oil production to generate electricity and convert The current power stations operate in the system of the simple cycle to the combined cycle, which contributes to enhancing their efficiency and achieving significant fuel savings and reducing emissions, in addition to implementing carbon capture solutions and using hydrogen as fuel for power plants in order to achieve climate neutrality in the long term, and to ensure the implementation of these initiatives Stable and sustainable energy for more areas, creating thousands of jobs for the Iraqi people, and stimulating the growth of the local economy by opening wide opportunities for local companies and suppliers.
He pointed out that, in addition to its efforts to develop the vital national infrastructure, General Electric is constantly focusing on community development projects in Iraq, as the company has cooperated during the last period with the “Capita” institution to support the private sector in supporting up to 50 micro-companies owned by citizens. Iraqis by providing grants and training courses on marketing and doing business, and the company provided scholarships to students of the Baghdad College of Business, and the percentage of Iraqi citizens working for the company in Iraq reaches about 95%.
On Thursday, the media office of the Prime Minister announced the signing of a memorandum of understanding between the Ministry of Electricity and the American General Electric Company.
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