Egyptian efforts to invest 100 billion dollars a year in Iraq

by Hkp1 Wed 06 Mar 2013, 4:52 pm

Hkp1: Interacting Investor; Posts : 3118
Join date : 2012-12-19

Post n°1

Egyptian efforts to invest 100 billion dollars a year in Iraq

by Hkp1 Wed 06 Mar 2013, 4:52 pm

Egyptian efforts to invest 100 billion dollars a year in Iraq

03/06/2013 pursue new morning

Said
Hisham Qandil Prime Minister: The Egyptian companies led «Arab
Contractors» will enter to compete for investment projects worth between
$ 70 and $ 100 billion allocated by Iraq for infrastructure projects
annually for ten years to come with a total investment approaching a
trillion dollars, pointing out that the Iraqi side needs to projects in
water and power plants, airports, and information technology companies
and hospitals through an ambitious reconstruction plan too, pointing out
that there is a desire and political will for implementation.

Qandil
said in private remarks to reporters accompanying him during his visit
to Iraq in the presence of the Minister of Industry and Planning and
electricity that «Iraq needs for nearly 8 thousand schools, and Egyptian
companies have a strong chance in these projects. Pointing out that he
was named head of the Egyptian-Iraqi Business Council on the Egyptian
side.

He pointed out that it was agreed to lift the ban on the
export of dairy Egyptian Iraqi market, and the signing of an agreement
between the Egyptian Ministry of Petroleum and their Iraqi counterparts,
explaining that he had been appointed head of the company «Arab
Contractors» for the presidency of the Council, which was formed for
business «Egyptian - Iraqi».

The Egyptian Cabinet said in a
statement that «follow-up mechanisms of these agreements will be through
two phases at the level of business and second mechanism through the
government through the Joint Supreme Committee», adding that «meetings
that took place in Iraq aim to communicate again and the beginning of
the return of relations must also be between the two countries and that
Egyptian companies capable of competing with foreign companies.

On
the File Egyptian debts on Iraq or what is known as »remittances zero»,
said Nuri al-Maliki Prime Minister: that his country intends to end
this finding legal safeguards for herewith, and related issue
«remittances zero» preventing Baghdad during the events of 1990 for
thousands of Egyptian workers to transfer their savings to their
country, and the number of 637 thousand Money transfers, worth more than
$ 400 million.

A member of the Federation of Iraqi contractors
Ali Ghalib «that Egyptian companies have great experience in the
implementation of infrastructure projects, energy, roads and
construction, making the opportunity available to Egyptian expertise
paired with Iraqi companies, governmental and private.

On the
other hand, said the Egyptian Petroleum Authority official: The
Petroleum Enterprise and technical consultancy «Petrojet, won a contract
consulting and engineering design and implementation of a petroleum
projects in Basra province worth $ 68 million.

The official, who
asked not to be named, in a telephone conversation with the agency
«Anatolia news agency, that the project is the first win by the Egyptian
company in the Iraqi market, which is characterized by high volume of
business.

The revenue for the company Petrojet in 2010 of around
2.7 billion pounds, equivalent to about $ 400 million, including 35% of
overseas projects in which the company operates in Iraq and the Gulf
states, Libya and Algeria.

The official said the Petroleum
Authority, that the contract was signed Monday, during a visit by the
Egyptian Prime Minister Dr. Hisham Qandil of Iraq and the participation
of a delegation from the Ministry of Petroleum, headed by Engineer Osama
Kamal, Minister of Petroleum and Mineral Resources.

The company
won «San Egypt» Iraq last January of the year 2012, a contract worth $
50 million for maintenance of the mechanical and electrical works for
the Zubair oil fields south of Basra for two years.

She won two
two Mbartan companies 'Arab Contractors' and Swedish Electric deal a
huge plant for the production of electricity in Iraq at a cost of more
than one billion pounds, the equivalent of $ 169 million.

[You must be registered and logged in to see this link.]