First construction phase of Iraq’s new US$6 billion port awarded to South Korea firm
Daewoo Engineering & Construction has been awarded a contact for the first construction phase of Iraq’s new US$6 billion Grand Faw Port in Basra.
The contract, worth $690 million, will see the South Korean firm build the port’s breakwater by 2016, according to Construction Week.
The construction of Grand Faw Port, financed by the Iraqi government through state-run General Company for Ports of Iraq (GCPI), is part of Iraq’s long-term objective of turning Iraq into a gateway between Europe and the Middle East. Included in the Gulf State’s plans is the renovation of the colonial-era railway, linking Iraq with Turkey, which would effectively bypass the Suez Canal. The project has the potential to shorten the time to reach Europe from 20 days to just three or four.
Preliminary plans for Grand Faw include a 7,000 meter quay for containerized trade, and a 3,500 meter dock for general cargo.