ČEB and EGAP have approved the project of steam-gas power plant in Iraq, PSG to take part in the project

Czech Export Bank will provide an export loan worth 271 370 830 USD. The maximum insurance value of the transaction for EGAP is nearly 7, 5 bil. CZK. Both institutions say it is a reference order in the energy area for the whole Arab world. The investor, KAR Company, is an important private oil field operator in Iraq. „Primarily, we see a positive effect on employment in the Czech Republic, over 1 500 jobs will be created. At the same time, we rank this case among those with an extraordinarily high insurance risk. According to the OECD evaluation, Iraq is in the seventh most risky category, “EGAP’s CEO Jan Prochazka said.

The exporter, PSG-International states that the share of the goods of Czech origin in the order would reach 70%. „It is of course a very important export order for our company and almost 50 other Czech sub-contractors will take part in in the project, including small and medium-size ones. Significant number of new jobs will be created thanks to this project, “stated PSG – International CEO Tomas Krones. Construction of the steam-gas power plant’s second stage is to take at the most 28 months. The first stage is almost completed and its operations should start at the beginning of the next year, the third phase was won by Germany.

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