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CITIC Construction Signs EPC Contract for AI Khairat Heavy Oil Power Plant in Iraq

Post on:2021-11-10Source:Middle East Division

On October 28, 2021, CITIC Construction signed an EPC contract for the first phase of the AI Khairat heavy oil power plant in Iraq, with a contract value of USD 2.85 billion. Chen Xiaojia, Chairman of CITIC Construction, and Mazin Wajih, Chairman of Harlow International, held a meeting via video link in Beijing and Dubai respectively and signed the contract on behalf of both sides. Tao Yang, General Manager of CITIC Construction, attended the signing ceremony. Yang Jianqiang, Deputy President of CITIC Construction presided over the meeting in Belarus.

Since the owner issued the letter of award to CITIC Construction on September 29, 2021, both teams have done a lot of discussion and preparation in contract negotiation, preliminary work and financial planning. The signing of the EPC contract will lay a foundation for the owner's obtainment of a sovereign guarantee from Iraq and the start of the project.