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BAGHDAD, Dec 30 (Reuters) – Iraq agreed 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.
Iraq signs $2.6 billion deal with S. Korea s Daewoo to build first phase of Faw port
By Reuters Staff
2 Min Read
BAGHDAD (Reuters) -Iraq agreed 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.
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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 commodities port in the south of the country, a port manager said. The long-planned and repeatedly delayed Grand Faw port is one of several projects that Iraq hopes will create .