BASRA (Iraq), December 24, 2020 Iraq’s government has agreed to sign a $2.625 billion contract with South Korea’s Daewoo Engineering & Construction to build the first phase of a giant commodities port in the south of the country, reported
Reuters, citing a port manager. Under the contract, expected to be signed on Sunday, Daewoo E&C will handle construction works that include building five berths to unload ships and a yard for containers, stated Farhan Al Fartousi, Iraq’s director general at the General Company for Ports. Daweoo will also carry out dredging and drilling works to create an access navigation channel, he added.
International Business: Iraq to sign Grand Faw port deal with Daewoo
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BASRA, Iraq (Reuters) -Iraq’s government has agreed to sign a $2.625 billion contract with South Korea’s Daewoo Engineering & Construction (047040.KS) to build the first phase of a giant commodities port in the south of the country, a port manager said on Wednesday.
The long-planned and repeatedly delayed Grand Faw port is one of several projects that Iraq hopes will create a shorter transportation corridor between the Middle East and Europe, bypassing the Suez Canal.
Under the contract, expected to be signed on Sunday, Daewoo E&C will handle construction works that include building five berths to unload ships and a yard for containers, Farhan al-Fartousi, Iraq’s director general at the General Company for Ports, told Reuters in Basra.
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Iraq s government has agreed to sign a $2.625 billion contract with South Korea s Daewoo Engineering & Construction to build the first phase of a giant cargo port in the south of the country, a port manager said on Wednesday.
The long-planned and repeatedly delayed Grand Faw port is one of several projects that Iraq hopes will create a shorter transportation corridor between the Middle East and Europe, bypassing the Suez Canal.
Under the contract, expected to be signed on Sunday, Daewoo E&C will handle construction works that include building five berths to unload ships and a yard for containers, Farhan al-Fartousi, Iraq s director general at the General Company for Ports, told Reuters in Basra.
UPDATE 1-Iraq to sign $2.625 bln Grand Faw port contract with S.Korea s Daewoo Reuters 12/23/2020
By Aref Mohammed
BASRA, Iraq, Dec 23 (Reuters) - Iraq s government has agreed to sign a $2.625 billion contract with South Korea s Daewoo Engineering & Construction (047040.KS) to build the first phase of a giant commodities port in the south of the country, a port manager said on Wednesday.
The long-planned and repeatedly delayed Grand Faw port is one of several projects that Iraq hopes will create a shorter transportation corridor between the Middle East and Europe, bypassing the Suez Canal.
Under the contract, expected to be signed on Sunday, Daewoo E&C will handle construction works that include building five berths to unload ships and a yard for containers, Farhan al-Fartousi, Iraq s director general at the General Company for Ports, told Reuters in Basra.
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