The Iraqi Kurdistan Regional Government (KRG) has signed a deal with South Korea's Posko to set up a stem power station at an estimated cost of $700m, AK news has reported.

Under the deal, Posko will build a 300 megawatt stem power station in addition to a 400 KV transforming station.

Construction of the station is expected to be completed within three years, while the 400 KV transformer project will be accomplished in 18 months.