OPEC member Iraq intends to award new contracts worth $2 billion within a project to build one of the world’s largest container terminals in the Southern Faw Peninsula, an official was quoted on Monday as saying.
The General Authority for Ports in Iraq will sign the contracts for infrastructure and construction of more berths in the next few days, the company’s director Farhan Al-Fartousi told Iraq’s Aliqtisad news network.
“The next few days will see the signing of five new contracts with foreign firms worth around $2 billion…work in this phase will be completed within 3.5 years,” he said, adding that a number of Chinese companies are competing for the contract along with Daewoo of South Korea.
Iraqi officials have said the “Grand Faw Port” would cost around 4 trillion Iraqi dinars ($3.36 billion) to be funded by the government and investors, and would have the capacity to handle 99 million tonnes annually. The project was launched in 2010 but it was held up by internal hostilities and the country’s cash shortages due to low oil prices.