Iraq has given the green light to its Southern Al-Muthanna Governorate to embark on projects with a combined value of nearly $20 billion, the local press reported on Sunday.

Some projects, worth nearly $2 billion, will be launched in the first quarter of 2021 and they comprise a 1,000-MW power plant and several industrial projects for the production of health equipment, porcelain, paper and other products, Aliqtisad News network said, quoting Adel Al-Yassiri, Director of Al-Muthanna Investment Commission.

Yassiri said some industrial projects would be undertaken by a consortium of three Chinese companies but did not make clear if the contracts are within the oil-for-projects agreement signed by Baghdad and Beijing in 2019.

The network quoted Ibrahim Al-Sumaidi, an agent for the Chinese consortium, as saying 5 projects worth around $2 billion would be executed by the consortium within phase 1 of a contract awarded to the Chinese firms by the Governorate, which borders Saudi Arabia and Kuwait.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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