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| 14 February, 2018

Siemens outlines roadway for re-powering Iraq

Siemens addressed the reconstruction goals of Iraq by identifying key pillars including electrification, efficient use of oil and gas resources.

Siemens outlines roadway for re-powering Iraq

Kuwait City - From energy supply and industry to financing and training, Siemens outlined its roadmap and commitment to supporting the development of Iraq. A roadmap document handed to Prime Minister of Iraq Haider Al-Abadi by President and CEO Joe Kaeser identifies the country’s short, mid and long-term development needs. It focuses on key areas including energy management, resource efficiency, education, anti-corruption and financing. It details how Siemens, which has been present in Iraq of more than 80 years, can support the country’s transformation. The efforts are executed in close partnership with the German Federal Ministry for Economic Cooperation and Development (BMZ). In a planned public-private partnership between Siemens and BMZ, the parties agreed to jointly contribute to the reconstruction and development of Iraq in areas including technical and vocational training as well as transparency and anti-corruption.

“The rebuilding of Iraq has the potential to be one of the greatest achievements in the modern Arab world. We envision 40 million Iraqis living in vibrant cities, powered by reliable and efficient energy; a robust industrial sector and sustainable economic development, led by world-class, home-grown talent,” said Joe Kaeser, President and CEO of Siemens AG. “We are proud to be a close partner to Iraq and will work with the German Federal Ministry for Economic Cooperation and Development to support the reconstruction and development of this great nation in areas such as education, training and anti-corruption.”

Siemens addressed the reconstruction goals of Iraq by identifying key pillars including electrification, efficient use of oil and gas resources, knowledge transfer, off-grid healthcare, financing and compliance. The plan aims to ensure uninterrupted power supply of up to 16 gigawatts (GW) by 2025 to major Iraqi cities and beyond. This requirement can be met in stages, from plug-and-play power solutions that can be installed and operational in as fast as three months to medium and long-term projects that require between 10 and 24 months’ completion time, and longer-term projects.

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Another area where Iraq can significantly boost revenue is the efficient use of natural resources such as oil and gas. Siemens’ technology can help turn wasted flared gas into a valuable asset to fuel power plants and supplement the federal budget. The company estimated potential savings of USD 5.2 billion from efficient use of resources over the next four years, not to mention reductions in black carbon and CO2 emissions, helping Iraq achieve its goal of eliminating flaring by 2021.

In addition to power supply, Siemens would support social development in Iraq through training and education programs to equip Iraqis with the skills to steer the country’s future economy. It will also seek to make healthcare available to remote areas, providing instant relief with two solar-powered clinics.

Recognizing that a holistic approach to building Iraq’s infrastructure is vital, Siemens will also endeavor to support the securing of long-term finance solutions that work for Iraq, while also supporting the fight against corruption. The company intends to reinforce the government’s initiatives with training and education for a strengthened culture of compliance.

About

Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for 170 years. The company is active around the globe, focusing on the areas of electrification, automation and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and 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 2017, which ended on September 30, 2017, Siemens generated revenue of €83.0 billion and net income of €6.2 billion. At the end of September 2017, the company had around 377,000 employees worldwide. Further information is available on the Internet at www.siemens.com.

Contact for journalists: 

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© Press Release 2018