LSIS wins W160-billion deal in Iraq

By Kim Yoo-chul

LSIS said Tuesday that it has signed a deal to supply electricity equipment to the Iraqi government.

The deal is worth about 160 billion won, the largest single deal since it started overseas business ― and is equal to 7 percent of its sales (2.3 trillion won) last year.

Under the agreement, LSIS will supply equipment to be used in gas insulated switchgears as part of moves by the Iraqi government to push for the Bismayah New-City Project (BNCP).

The BNCP project is overseen by the National Investment Committee in Iraq. With a total investment of $10 billion, the project will be finished by 2019.

For the next four years, LSIS will supply 32 substations.

LSIS is a newcomer in the substation market in Iraq, which has long been dominated by global companies such as Siemens and ABB.

However, it has expanded its presence in the war-torn country since 2011. Kim said the total value of deals it has so far clinched in Iraq exceeded $500 million last year.