 |
| Electric Power Plant 1250 MW Shatt Al- Basra |
A country with an economy extensively affected by war, full of demolished buildings and a poor road infrastructure, Iraq represents a major business opportunity for construction companies all over the world. As national economy is recovering, housing demand, caused by high deficit at the end of the 20th century, increases and requires significant investment in development projects. Rebuilding Iraq’s roads and transport is vital for foreign companies to transport equipment and merchandise, as they develop their projects in the country.
 |
| Electric Power Plant 1250 MW Shatt Al- Basra |
Few are those who, despite of having identified the economic
potential of the country, are taking the risk of investing in a country with
major security issues. OCTAGON
CONTRACTING & ENGINEERING is among the companies that have taken
advantage of the opportunities provided by the Iraqi market. The company opened
a branch in Baghdad in 2011.
 |
| Electric Power Plant 1250 MW Shatt Al- Basra |
“Our anchor during crisis was the Iraqi market. We decided
to try another market with long term growth perspectives and that provides liquidities
for infrastructure projects. The security issues were an advantage for us,
as they keep the competition at distance. Right now we are building awareness
on the market and we are waiting for a stabilization of the political
situation. The fact that we already have three projects ongoing is a positive
sign and confirms the fact that we had good intuition when we made this
decision.” said Alexandros
Ignatiadis,
co-founder and shareholder of OCTAGON.
 |
| Electric Power Plant 1250 MW Shatt Al- Basra |
OCTAGON has three ongoing projects in Baghdad and Basra. One
of these projects is the Electric Power
Plant 1250 MW Shatt Al- Basra, where the company is building bored piles D 1.000, for the contractor
Metka. The company has a team of Romanian and Iraqi workers and engineers
working on the project at high pace.
 |
| Electric Power Plant 1250 MW Shatt Al- Basra |
OCTAGON is using the experience accumulated while building
the biggest private electricity cogeneration greenfield project, built in Romania in the past 20 years: Combined Cycle Electric Power Plant 867 MW
OMV- Petrom (Brazi). The construction
works were performed between 2009- 2011 and the power plant began the
commercial operations on August 1st 2012. OCTAGON performed geotechnical, structure, architecture,
installation (electrical, sanitary) works and exterior works within the
project.
 |
| Electric Power Plant 1250 MW Shatt Al- Basra |
OCTAGON is also working in Iraq on the construction of a residential
project: Iraq Gate Residential and
 |
| Electric Power Plant 1250 MW Shatt Al- Basra |
A number of large- scale infrastructure and real estate projects are underway and a
combination of several factors makes Iraq a favorable business and investment
destination.
 |
| Electric Power Plant 1250 MW Shatt Al- Basra |
Laws in place for
foreign investment allow 100% foreign ownership of businesses in all sectors
except oil and mineral extraction. Also non- Iraqi citizens can now own land
for housing projects. Investment partnerships with state-owned enterprises are
also possible for foreign companies, at present.
For more information click HERE.
OCTAGON CONTRACTING & ENGINEERING
Phone: (+4)021.232.39.20
