In a bid to seek financial support, Iraq has announced that it is making shares available to the public for its Grand Faw container port, a planned project said to worth US$1.3 billion, according to Bloomberg.
Sabah Al-Bazooni, Head of the Basra Provincial Council, said that in the next few days, the Basra government will seek permission from the central government to set up a holding company for the shares.
Grand Faw container port was initially planned as a $17 billion port, but a steep drop in crude oil prices has prompted the government to seek out financial aid.
Read a Technical Paper on Gulftainers operations at Khorfakkan