Page 8 - Al-Rashed Newsletter Sept 19

IRAQ MUSINGS
IRAQ NEWS

Iraq to open border-crossing with Syria on Monday
Iraq’s Prime Minister Adel Abdul Mahdi has approved the reopening on Monday of
the Qaim border-crossing with Syria, state news agency INA said, the latest sign of
normalization between Baghdad and Syrian President Bashar al-Assad’s
government.The crossing will be reopened for travelers and trade, INA reported on
Friday, citing Iraq’s border agency chief.The western Anbar province town of Qaim,
300 km (185 miles) west of Baghdad, was recaptured from Islamic State in
November 2017 and was the group’s last bastion in Iraq to fall.

Iraq joining China’s Belt and Road initiative
Just like the ancient Silk Road did, China’s drive to connect the world will go through
Baghdad, as Iraq is joining China’s multination Belt and Road initiative.Iraqi prime
minister Adil Abdul-Mahdi has announced his nation will be joining China’s
megaproject. His words came Monday in Beijing, in a meeting with Chinese
president Xi Jinping. China is Iraq’s largest trading partner, with trade between the
two nations at about $30bn last year, according to Chinese state-run news agency
Xinhua. Iraq is China’s second-largest overseas supplier of crude oil.
The Belt and Road Initiative (BRI) is a global development push being led by China
to improve infrastructure and connect nations throughout the world. With
infrastructure and investment activities already underway that involve more than 150
countries and international organisations (including projects in Asia, Europe, Africa,
the Middle East, and the Americas), it is thought to be the largest infrastructure
project in human history.

Daewoo Wins $70m Iraq Order
South Korea's Daewoo Engineering & Construction has won a US$70.35 million
order to build entrance roads for the new Al Faw Grand Port in Basra.Under the deal
with the General Company for Ports of Iraq (GCPI) , Daewoo will complete the 14.5
kilometer-long road by May 2021.Earlier this year, the company won a contract
valued at $199.75 to build Al Faw Container Terminal (Phase 1).
"IT'S KIND OF FUN TO

DO THE IMPOSSIBLE." Siemens and Orascom to rebuild Baiji Power Plant

WALT DISNEY Germany’s Siemens and Egypt’s Orascom Construction signed an agreement with
Iraq’s Ministry of Electricity to rebuild Baiji 1 and Baiji 2 power plants in northern
Iraq.The plants will have a combined generation capacity of 1.6 gigawatts (GW)
when completed and are a major step in Siemens’ roadmap for rebuilding Iraq’s
power sector that has already added more than 700 megawatts to Iraq’s grid.Work
at Baiji, which is about 250 km north of Baghdad, will begin once the contracts are
approved by Iraq’s Council of Ministers and a financial agreement is reached with
the Ministry of Finance. The projects are expected to be completed within 28
months after the financial closing.The power plants in Baiji were severely damaged
by Islamic State militants. Recovering the lost capacity from the plants will help Iraq
power its biggest oil refinery located in the city, a concrete plant, and will provide
electricity to thousands of homes in Salahuddin province and other areas.

Source: Reuters, Gulf Business, Menafn, Iraq-Businessnews.com