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Iraq s director general at the General Company for Ports, Farhan al-Fartousi, signs a contract with South Korea s Daewoo Engineering & Construction, to construct the Grand Faw port, in Baghdad, Iraq, Dec. 30, 2020. (Reuters) Baghdad – Fadhel al-Nashmi
Iraq’s signing on Wednesday of a $2.625 billion deal with South Korea’s Daewoo Engineering & Construction to build the first phase at its planned Faw commodities port has revealed a dispute between two Iraqi camps over which country should oversee the construction.
Opinion is split between one camp that wants South Korea to take over the project, located in the southern Basra province, and another that wants China to be involved.
South Korea’s exports expanded at their fastest pace in 26 months
01 Jan 2021 A truck drives between shipping containers at a port in Incheon, South Korea. File/Reuters South Korea’s exports expanded at its fastest pace in 26 months in December, on robust chip demand and improved global orders, providing additional signals that the recovery is on track despite resurgence in the novel coronavirus.
Exports in the final month of 2020 grew 12.6% year-on-year, the sharpest growth since October 2018 when it grew 22.5%, government data showed on Friday.
The rate of growth was sharply higher than forecast as analysts had expected a 5.6% jump from a year earlier, and was much faster than a 4.1% growth in November.
Iraq agreed to a $2.625 billion deal with South Korea’s Daewoo Engineering & Construction on Wednesday to build the first phase at its planned Faw commodities port in the south of the country.
Under the contract, signed in Baghdad by representatives of Iraq’s transportation ministry and the South Korean company, Daewoo E&C will handle construction work including building five berths to unload ships and a yard for containers.
Daweoo will also carry out dredging and drilling works to create an access navigation channel, Farhan al-Fartousi, Iraq’s director general at the General Company for Ports, told Reuters on the sidelines of a signing ceremony at the transportation ministry headquarters.
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by Maher Nazeh (Reuters) – Iraq agreed to a $2.625 billion deal with South Korea’s Daewoo Engineering & Construction ($047040.KS) on Wednesday to build the first phase at its planned Faw commodities port in the south of the country.
Under the contract, signed in Baghdad by representatives of Iraq’s transportation ministry and the South Korean company, Daewoo E&C will handle construction work including building five berths to unload ships and a yard for containers.
Daweoo will also carry out dredging and drilling works to create an access navigation channel, Farhan al-Fartousi, Iraq’s director general at the General Company for Ports, told Reuters on the sidelines of a signing ceremony at the transportation ministry headquarters.
UPDATE 1-Iraq signs $2 6 bln deal with S Korea s Daewoo to build first phase of Faw port reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.