INTERNATIONAL - Germany's Siemens said it had signed contracts worth about 700 million (R11.2billion) to build two gas-powered electricity plants in Libya.
The plants will be constructed in Misrata and Libya’s capital, Tripoli, according to the Munich-based industrial conglomerate.
The value of the contracts with Libya’s state-owned General Electricity Company of Libya includes long-term service agreements. No date of when the plants will begin operating has been given, but the power plants are expected to increase Libya’s power generation capacity by about 1.3 gigawatts.
Siemens recently announced moves to slash its international workforce by 6900 due to a sharp decline in earnings and a global shift by electric utilities away from fossil fuels to renewable sources of energy such as wind and solar.