- FRANKFURT: German construction and engineering company Bauer said it signed a letter of understanding on a 1.9 billion euro ($2.6 billion) contract, its biggest ever, to refurbish a dam in Iraq.
“We expect the contract to be ready for signing within the next few months, after some final details have been clarified,” Bauer Chief Executive Thomas Bauer said in a statement.
Iraq is slowly moving to rebuild its dilapidated infrastructure more than eight years after the US-led invasion, and needs investment in virtually every sector.
The project, scheduled to take about six years to complete, will involve Bauer building a cut-off wall to seal the Mosul Dam in northern Iraq. The ground beneath the 3.6 km-long dam has become increasingly water-permeable, Bauer said.