Electricity minister gives one-week ultimatum to Chinese firm

BAGHDAD / IraqiNews.com: The Iraqi electricity minister, Kareem Waheed, called on the Chinese Company – Shanghai to start executing the project of Wassit thermal power station within one week; otherwise, the firm’s contract would be cancelled, the ministry’s media director said on Saturday. “This came in a meeting between the minister and the Chinese ambassador to Baghdad,” Aziz Sultan told IraqiNews.com news agency. “The contract with the company was renewed on Dec. 7, 2007, with an increase of $202 million,” he said. “The total amount of the renewed contract is $924 million to build the station that will have a capacity of 1,320 Megawatt,” he added. Sultan explained that a Letter of Credit (L/C) of $369 million was issued to the company’s beneficiary nearly a year ago. MH (P) / SS 1