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Business news, 19.03.2004 13:14

Power Machines plant fulfills UN Program to rebuild Iraqi energy and transportation sectors

Power Machines plant Power Machines signed a contract to deliver energy equipment to the Dibis thermal power plant in Iraq. The decision to build the plant was made before the war in Iraq began, according to the Power Machines press service. An Iraqi energy company and the Iraqi commission for energy ordered the equipment. The program which is being implemented under the aegis of the UN was given a priority status because it was created to solve the energy supply program for the city of Kirkuk located 300 km from Baghdad. A US bank will finance the UN program.

According to terms of the contract, Power Machines is to build and deliver two gas turbines each with a capacity of 160 megawatts and two turbo generators by the end of 2005. Similar machines are being successfully used at the Northwest thermal power plant. It is expected that the Dibis power plant will go into operation at the beginning of 2006.

Power Machines Sales Director Alexander Zhigalov said the company is not reducing its activity in the Middle East. At present Power Machines is filling an order by the Iraqi transportation and communication ministry for 30 diesel locomotives. The first two locomotives are expected to be operational in the near future. He said all the locomotives should be delivered by the end of this year. In addition, the company is engaged in a number of other projects in Iraq including building the Yusifiya thermal power plant and the Al Adaim hydro power plant.

Power Machines is the largest Russian producer of various types of energy equipment. The company includes the leading Russian energy equipment makers including Electrosil, Kaluzhsky Turbine Factory, Energomashexport and others. Interros holding owns 94.27% of the shares in Power Machines and German Siemens owns 4.93%. The company is the leader in engine-building in Russia and the CIS and supplies clients in Asia, the Middle East, Latin America and Eastern Europe. Power Machines shares have been classified as classic market in the Russian Trading System since October 2003.

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