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Siemens Energy signs agreement to develop Iraq's power grid

German Chancellor Scholz visits Siemens Energy site in Muelheim an der Ruhr

BERLIN (Reuters) -Siemens Energy plans to boost its cooperation with Iraq in the coming years, the company said on Friday, as its CEO inked a deal with the Iraqi government to develop the country's power network.

Siemens Energy CEO Christian Bruch signed a memorandum of understanding with Iraqi Electricity Minister Ziyad Ali to provide an additional 11 gigawatts for local power production, a statement from the German Economy Ministry said.

"In the coming years, Iraq will invest considerably in its energy infrastructure," said German Economy Minister Robert Habeck, who attended the signing of the MoU in Berlin together with Iraqi Foreign Minister Fuad Hussein.

"Siemens Energy will play a key role in in this development," Habeck added.

The planned projects include constructing and developing power generation facilities for both conventional and renewable energy sources, the ministry statement said.

"A reliable power supply is the foundation for a stable society. Electrification of large parts of an entire country is therefore one of the most important tasks of our business," Siemens Energy CEO Christian Bruch said in a statement to Reuters ahead of the meeting.

He said the company would work to ensure that this was achieved as quickly as possible together with its partners in Iraq.

(Reporting by Tom Kaeckenhoff, Writing by Rachel More, Editing by Thomas Escritt)