Participation Contract with Hydraulic Industries State Company, Ministry of Industry and Minerals, Iraq
Within the framework of ENPRODE Engineering and Construction A.Ş.’s international business activities, ENPRODE has executed a Participation Contract on 14 March 2019 with Hydraulic Industries State Company (HISCO), a public entity of the Ministry of Industry and Minerals of Iraq. Mr. Yuksel Güler, the CEO of ENPRODE has duly signed the contract with the Director General, Engineer Haydar Nasir Dhahir representing HISCO to establish a Joint Venture company under a 15 years concession agreement to manufacture welding electrodes in Iraq to supply the Iraqi market. As per the contract, Enprode will establish full production facilities for welding electrodes with an initial start-up capacity of 6,000 tons per annum which will supply the much needed electrodes that are currently wholly imported. ENPRODE’s international engineering expertise will contribute to establish the manufacturing plant which will help reduce Iraq’s dependency on imported products. The contract will prevail for 15 years which will be renewable at the end of the period. Initially a packing line will be introduced where full scale investment will be completed in the next 24 months for full local manufacturing.