Home
Ministry of Electricity: bank guarantees rejected by the Iraqi foreign companies and this is the last contracts
On: Tuesday 07/12/2011 16:36
Baghdad: Ahmed Naseer revealed the Ministry of Electricity that the big problem has prevented the implementation of contracts with foreign companies, which related to bank guarantees, which have failed all Iraqi banks for ensuring them to foreign companies. This came through the enlarged meeting of the Chamber of projects in the Electricity Ministry, headed by the Minister of Electricity Eng Raad waterfall Said, and the presence of organic parliamentary energy commission, MP Uday Awad, and Rep. Susan Saad, and inspector general of the ministry Alaa Mohieddin, and general managers in the ministry. A review of projects, which include distribution sectors, transport and production and that will be implemented, which is in the process of implementation. This was announced by Musab al-secret teacher Director of Information Office of the Spokesman for the Ministry of Electricity, he added, was in the meeting view the constraints of contractual, and in the forefront of bank guarantees that the instructions and controls impose the safeguards shall be binding on the contractors with the ministry by Iraqi banks, and banks operating in Iraq exclusively, resulting in a reluctance of a number of companies contracting with the Ministry of Electricity, the lack of the possibility of implementing this requirement on the one hand, and the inability of most banks operating in Iraq to cover the amounts these guarantees from the point of another. Vatakz meeting a resolution to approach the Ministry of Finance to facilitate this requirement, or to find a new mechanism related to these guarantees. For his part, MP Uday Awad lagging on follow-up projects and the causes of delay in implementation. Operations Committee decided to bring the project manager for the ID Almtlki reasons for delay in completion, and the possibility of overcoming the obstacles facing the work. In closing remarks emphasizing MPs expressed their support for the Ministry of Electricity ..
[You must be registered and logged in to see this link.]
On: Tuesday 07/12/2011 16:36
Baghdad: Ahmed Naseer revealed the Ministry of Electricity that the big problem has prevented the implementation of contracts with foreign companies, which related to bank guarantees, which have failed all Iraqi banks for ensuring them to foreign companies. This came through the enlarged meeting of the Chamber of projects in the Electricity Ministry, headed by the Minister of Electricity Eng Raad waterfall Said, and the presence of organic parliamentary energy commission, MP Uday Awad, and Rep. Susan Saad, and inspector general of the ministry Alaa Mohieddin, and general managers in the ministry. A review of projects, which include distribution sectors, transport and production and that will be implemented, which is in the process of implementation. This was announced by Musab al-secret teacher Director of Information Office of the Spokesman for the Ministry of Electricity, he added, was in the meeting view the constraints of contractual, and in the forefront of bank guarantees that the instructions and controls impose the safeguards shall be binding on the contractors with the ministry by Iraqi banks, and banks operating in Iraq exclusively, resulting in a reluctance of a number of companies contracting with the Ministry of Electricity, the lack of the possibility of implementing this requirement on the one hand, and the inability of most banks operating in Iraq to cover the amounts these guarantees from the point of another. Vatakz meeting a resolution to approach the Ministry of Finance to facilitate this requirement, or to find a new mechanism related to these guarantees. For his part, MP Uday Awad lagging on follow-up projects and the causes of delay in implementation. Operations Committee decided to bring the project manager for the ID Almtlki reasons for delay in completion, and the possibility of overcoming the obstacles facing the work. In closing remarks emphasizing MPs expressed their support for the Ministry of Electricity ..
[You must be registered and logged in to see this link.]
