Siemens contract to supply reserve material agreed

BAGHDAD / IraqiNews.com: The Iraqi cabinet has approved a contract with the German Siemens company, under which the latter will provide a reserve supply of material for two electricity stations in Baiji and Kirkuk, an official spokesperson said on Sunday. “The cabinet has decided to exclusively apply the Swiss Law and to accept Geneva as a location for arbitration of the disputes that may result while implementing the provisions of the two contracts, which are scheduled to be signed between the Ministry of Electricity and the German Siemens Company,” Ali al-Dabbagh said in a statement released by his office and received by IraqiNews.com news agency. The contract stipulates a delay penalty of 0.5 percent for every week of delay, which can increase to 5 percent of the total value of the contract, the statement pointed out. SS (P) 1