Transport signs a contract with Daewoo to complete the Faw port, worth $ 2.6 billion

During the signing of the contract with the South Korean company Daewoo to complete the port of Faw Reconstruction and building

Economy News – Baghdad

On Wednesday, the Ministry of Transport signed a $ 2.6 billion deal with the South Korean company Daewoo to build the first phase of the large Faw port, which it had been planning to establish for years on the southern coast of Iraq in Basra Governorate .

Under the contract, Daewoo will build five unloading berths for ships and a container yard, and will also prepare the seabed to receive the tankers .

The project has faced many complications since its foundation stone was laid in 2008, and the breakwater project was not completed until months ago .

“The giant strategic project will provide tens of thousands of job opportunities for young people, ” Iraqi Transport Minister Nasser Al-Shibli said in a statement .

Various studies indicate the great economic importance of the port of Al-Faw economically to Iraq and to the region as well. It also gained importance due to the ongoing controversy between Iraq and Kuwait, which established the Mubarak Al-Kabeer port on the opposite bank .

The General Director of the General Company for Ports of Iraq, Farhan Muhaisen Al-Fartousi, said that the project includes the construction of a navigation channel with a length of (14) km, extending to the width of the sea, and the establishment of a dock for ships that will dock at the port, in addition to an underwater tunnel, which is the largest of its kind, where the port will connect Al-Faw Al-Kabeer, Bakhoor Al-Zubayr, and a road linking the sidewalks and the tunnel .

He pointed out that “the process of digging the port anchorage and the navigation channel, with a depth of (19.8 m), needs to be lifted (110 million m3) of mud deposits .

Stressing that work will begin in the coming days, especially since the implementing company has the necessary mechanisms in the port’s land to start work .

And Iraqi political blocs tried to transfer the contract to be awarded to a Chinese company, and attacked the contract with Daewoo, which was about to be canceled at the last minute due to problems related to financing .

But the General Company for Iraqi Ports announced a few days ago that a Chinese company had been excluded from competition and that Daewoo had been chosen, after the Iraqi Ministry of Transport accused the Daewoo company of withdrawing from the port project .

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