LSIS signs $91.8 million deal to install 35 power substations in Iraq

Down Joanes News wire reported that LS Industrial System Co., known as LSIS, a South Korean company, has signed a $91.8 million deal to supply and install 35 power substations in various parts of Iraq.

The substations would be installed in 18 months from the start of work.

The electricity ministry would pay only 10% of the value of the contract in 2012, while 40% would be paid in 2013 after the completion of the first substations, and the remaining 50% would be paid in 2014 when Iraq receives all the stations.