Siemens, Iraq Sign MoU for Energy Modernization
German industrial group Siemens (SIEMENS.NS) has signed a memorandum of understand with Iraq to modernize the Gulf country's energy infrastructure and oil and gas sector, it said on Thursday.
"With this important agreement we intensify the long lasting partnership between Siemens and Iraq," Siemens managing board member Siegfried Russwurm said in a statement.
Siemens is increasingly looking outside Europe for energy deals as demand wanes and competition intensifies at home. It has in the past months signed major energy deals with Egypt and Iran.
(Reporting by Georgina Prodhan)
