PSG will participate on a Project of construction of 980MW gas-steam power plant in Erbil, Kurdistan, Republic of Iraq.

An important Czech construction company PSG International will participate on a Project of construction of 980MW gas-steam power plant in Erbil, Kurdistan, Republic of Iraq.

With participation of the Czech Minister of Trade and Industry, Mr. Martin Kuba, PSG International and its Turkish partner, Renaissance Construction, signed a key EPC Contract with KAR Group – an important partner in petrochemical industry in the Republic of Iraq.

´This project is a great example of international co-operation – Ministry of Industry and Trade of the Czech Republic will use all of its pro-export instruments for its successful implementation. We hope that it will also inspire other companies to conduct their business in this region. ´Mr. Martin Kuba, Minister of the Trade and Industry of the Czech Republic

´The Czech Export Bank appreciates this opportunity as it meets concrete expectations of the new governmental pro-export strategy, which is focused on fast developing markets outside the EU – such as Iraq. Furthermore, we are convinced that successful implementation of this project will endorse more opportunities for Czech exporters in Iraq.´stated Mr. Tomáš Uvíra, CEO, Czech Export Bank

´Iraq is a very perspective territory where the ´Czech Made´ projects and products are well known as the trade relations with Iraq are based on a very good historic co-operation. We have to realize that in the 1970s and 1980s the Czech companies have constructed 60 per cent of all Iraqi refineries.´Mr. Michal Bakajsa, Deputy CEO, Czech Export Bank

The Project of construction of the gas-steam power plant in Erbil is currently the biggest export contract in Iraq. The power engineering industry has in the renewing Iraqi economy high priority and defines further possibilities of development of other important industries, public services and increase of the living standards of the citizens of Iraq.

´PSG International regards this Project as of a very high importance. With experience of completion of several big power plants in the Russian Federation, we consider the Middle East as a very perspective market for not only the power engineering industry, but other industries as well.´Ivan Veselý, Vice-chairman, PSG International.

This project is one of many initiatives undertaken as a part of the Memorandum Of Understanding for Strategic Cooperation signed between PSG-International and Renaissance Holding on 14th February 2012 at the Turkish-Czech Business Forum witnessed by H.E. Václav Klaus, President of the Czech Republic, H.E. Abdullah Gül, President of the Republic of Turkey and H.E. Martin Kuba, Minister of Industry and Trade of the Czech Republic. This co-operation was outlined during the state visit of Mr. Petr Nečas, Prime Minister of the Czech Republic, in Iraq in 2011.

´We are happy to form a strategic Joint Venture for our region together with PSG International to finalize this type of project in the guidance of Czech Export Bank.´Erman Ilicak , Chairman, Renaissance Holding.

As far as the Czech export is concerned, the Joint Venture agreement between PSG International and its Turkish partner, Renaissance Holding, is very beneficial. Renaissance Holding is one of the strongest world-wide general suppliers in construction industry and, apart from Turkey, is very active in the Russian Federation, Ukraine, Libya and Qatar. Co-operation of the two companies could significantly contribute towards diversification of Czech export and its dependence on currently stagnating markets of the European Union.

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