Romanian firm Syscom 18, specialized in the field of industrial automation equipment and measuring system for the oil and gas industry, will provide the electrical automation parts and 40 fiscal metering systems for two power plants in Iraq, in a contract worth EUR 3 million.
The company expects to integrate the systems in the thermal power plants by the second half of next year. These plants have a 1000MW capacity and require USD 400 million in investments.
Once finished, it will allow Iraq to increase the power output by 20 percent. The Ministry of Electricity in Iraq plans to invest USD 4 billion yearly through to 2030 to extend the grid and to add new generation capacities.
““Iraq is a region of great interest for us. There are now some serious opportunities for the foreign companies wanting to carry projects in the Iraqi electricity sector,” said Ion Andronache, president of Syscom 18. “Apart from constructing and operating the units and the electrical systems, there will be opportunities for training the Iraqi engineers, managers and other staff in the energy sector.”
Syscom 18 has tapped the foreign markets for the first time in 2000, when it completed a project in Syria. It has executed works and delivered equipments in Jordan, Iran, Lybia and Bahrain. The company has benefited from contracts in Kazakhstan, where it installed automation systems for two large gas metering stations.
“About six years ago we decided to focus a significant part of our business efforts towards the external market and we did well. This year about 25 percent of our revenue comes from the international projects,” stated Andronache.
The company has delivered this summer four complete measurement system for loading oil to tankers. The project was developed for the Bahrain Petroleum Company (BAPCO).
Syscom 18 increased its revenue close to 20 percent in the first nine months. The company aims to hike the total revenues by 25 percent to EUR 13 million this year.