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Romanian company signs contract with Iraq worth EUR 3 million

06 Dec 2012
Syscom 18 which is a Romanian company is well known in the field of industrial automation equipment and measuring system of gas and oil industry. They have signed a contract with Iraq. According to this contract they will accommodate the electrical automation parts and 40 fiscal metering systems for 2 power plants of Iraq. This contract is worth of EUR 3 million. Syscom 18 is also planning to incorporate this system in the thermal power plants. This power plant requires USD 400 million investments and has a capacity of 1000MW. If this project becomes successful then Iraq will gain a 20% increase in the power output. To add reformed capacities and to increase the power grid the ministry of electricity of Iraq is planning to invest USD 4 billion until 2030. The president of Syscom 18 Mr. Ion Androanache said they have a great interest in Iraq and there is a good amount of contingency for other companies who want to work in Iraq. He also said that they will not only be able to establish electrical systems but they will also have the contingency to work with the engineers and managers of Iraq. Syscom 18 beat the foreign markets when it completed a project in Syria in 2000. Syscom 18 has business relations with Iran, Jordan and Bahrain. This company has established an automation system for two gas metering stations in Kazakhstan. Here it gained a good amount of money. Mr. Androanache also said that they focus on the external markets about six years ago, and they have fulfilled their client’s needs every time and about 25% of their revenue will come from foreign markets in this year. For the purpose of loading oil to tanks, this company has formed four complete measurement systems. This project was actualized for BAPCO (Bahrain Petroleum Company). In the first nine months Syscom has expanded their revenue close to 20%. Now this company is planning to increase their total revenue to 25 % in this year which is about EUR 13 million. Source: [Business Review]
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