Hutchison Ports has agreed to manage existing and future operations at Port of Basra in southern Iraq, located in the Shatt al-Arab waterway leading to the Persian Gulf.
The Hong Kong-based port operator will pair with NAWAH Port Management (NPM) to look after commercial and operational activities under the name of Hutchison Ports Basra.
As a key gateway between Europe and Asia, Port of Basra offers services for large, multinational companies to local Iraqi merchants.
NPM operations have a key competitive advantage over other ports in the region due to its proximity to Iraq's southern oil and gas fields and the city centre.
Andy Tsoi, Hutchison Ports’ Managing Director – Middle East and Africa, said: “We view NPM’s operations at the Port of Basra as an integral piece of our expanding Middle East strategy and are excited about the opportunities this partnership creates.
“We believe strongly in the growth story of Basra, Iraq, and the Middle East as a whole and are delighted to have the opportunity to participate in and support the growth of the business over the long term.”
Eric Clark, CEO of NPM, said: “Hutchison Ports has an exceptional team and a proven track record of delivering value to its customers, employees and the regions in which it invests.
“We are delighted for the opportunity to partner with one of the leaders in the industry – a company which shares our vision of NPM as both a unique maritime asset in southern Iraq as well as strategic platform in the epicentre of one of the fastest growing regions in the world.”