Siemens Signs EUR700 Million Libya Power Plant Contracts

By Nathan Allen Features Dow Jones Newswires

Germany's Siemens AG (SIE.XE) said Monday that it has signed contracts worth about 700 million euros ($823.8 million) with Libya's state-owned utility to build two gas-fired power plants.

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The industrial conglomerate said the contract with General Electric Company of Libya includes engineering, procurement, construction and long-term servicing of one 650-megawatt open-cycle plant in Misrata and one 690-megawatt open-cycle plant in Tripoli West.

Siemens's long-term strategy for its gas-and-power unit involves pivoting toward emerging markets as demand for its large gas turbines continues to decline in Europe and the U.S.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

December 11, 2017 05:17 ET (10:17 GMT)