Siemens and Iraq sign landmark energy cooperation agreement

Under the terms of the agreement, Siemens will develop an enhanced energy concept to advise the Iraqi Government on the development and optimization of the country´s power generation and grid infrastructure including power generation mix. “With this important agreement we intensify the long lasting partnership between Siemens and Iraq,” said Siegfried Russwurm. “With our broad portfolio and comprehensive expertise in power generation, transmission as well as in Oil and Gas sector we will assist and support the Iraqi Government to develop a sustainable and modern electricity system to ensure the country’s economic and social development.”

The parties also intend to explore potential scope of further cooperation in the power generation sector as well as in the field of Oil and Gas. Siemens and Iraq envisage exploring financing solutions for projects to be developed as well as maintenance and rehabilitation of existing power plants/infrastructure in close collaboration with the Federal Government of Germany.

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Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 165 years. The company is active in more than200 countries, focusing on the areas of electrification, automation and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is No. 1 in offshore wind turbine construction, a leading supplier of gas and steam turbines for power generation, a major provider of power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2015, which ended on September 30, 2015, Siemens generated revenue of €75.6 billion and net income of €7.4 billion. At the end of September 2015, the company had around 348,000 employees worldwide. Further information is available on the Internet at www.siemens.com.