May 01 2012 |
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Companies to invest in Faw Port project
By Ammar al-Saleh BASRA - Local and international companies will have an opportunity to invest in the Faw Port project, announced Basra Provincial Council.Council head Sabah al-Bazzouni said during a press conference that Basra's local government seeks to provide the chance for companies to implement the project.
"Well-known Iraqi and foreign companies will be chosen to invest in the project," he said.
Iraq announced plans to build Faw Port in 2005 and the foundation stone was put in place in April 2010. This was a year before Kuwait announced plans to build Mubarak Port.
Faw will cost about $6.1bn (7tr IQD) at an estimated capacity of 99m tonnes per year and will be one of the largest ports bordering the Arabian Gulf region.
Faw is expected to include a berth for containers at a length of 39,000m and another berth measuring 2,000m. The port will also house a containers yard at a length of one million square meters and another multipurpose yard at an area of 600,000 square meters.
The construction of Faw Port is part of a long-term plan to turn Iraq into a transfer passage between Europe and the Middle East through the establishment of a railway connecting Turkey to the Gulf.
Basra province, 550km south of Baghdad, includes five commercial ports and two oil ports.
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