Siemens strikes €700 Million deal with Libya to build power plants
The German group Siemens says it has signed contracts worth 700 million Euros to build two gas-powered electricity stations in Libya.
The plants, scheduled to be built in Misurata and Tripoli, will increase Libya’s power generation capabilities by about 1.3 gigawatts.
The value of the contracts with the state-owned General Electricity Company of Libya (GECOL) includes long-term service agreements, but it did not indicate when the new plants will start operation.
This marks the German giant’s return to the north African country after the 2011 uprising.
Last month, a group of Turkish employees working on a power station in the city of Ubari were evacuated after four of their colleagues were kidnapped, delaying work at the station and highlighting real life dangers of working in Libya.
While the step would empower Libya’s ailing electric power sector, the contracts come in a high favor for the German company as it would benefit by the 700 million euros’ boost to its dwindling business in Europe, knowing that it has been cutting several jobs over lack of business in recent times.