22 May 2012
BASRA - Basra province today announced the formation of an economic group that includes 100 local businesses to invest in Faw Port to preserve the sovereignty of Iraq.
Basra Provincial Council member Walid Qitan said: "The efforts of businessmen in the province resulted in the cooperation of major public companies to invest in Faw Port in order to preserve the sovereignty of Iraq on this strategic link that will connect the Middle East and Europe in the future."
A public company was established under the name of Basra National Group, which includes 100 businesses and is supported by Basra council to invest in the port with 51 percent of shares. Foreign companies wishing to invest in the port take 49 percent of shares.
Qitan added: "This project is the first of its kind to keep the Iraqi sovereignty and it will be followed in other Iraqi provinces."
Basra's government announced at the end of April about presenting the port for investment by specialized companies as a result of the delay in the implementation of the project.
Member of the founding committee of the company Ghazi Abbass Assad said: "The company includes businessmen and owners of capital in the province and its priorities will be working on the investment of Faw Port, as well as the implementation of the railway project that connects Basra to Turkey.
"The businessmen seek through this project to make Basra one of the best economic cities in the Middle East because of its special qualifications in this aspect."
Assad added that five percent of the company's profits will be given on a regular basis to support the poor and needy in the province.
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.
The construction of Faw 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.
Faw is expected to include two berths for containers at a length of 39,000m and 2,000m. The port will also include a containers yard at a size of one million square meters as well as another multi-purpose yard covering an area of 600,000 square meters.
Iraq announced plans to build Faw 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.
Basra province, 550km south of Baghdad, includes five commercial ports and two oil ports.
BASRA - Basra province today announced the formation of an economic group that includes 100 local businesses to invest in Faw Port to preserve the sovereignty of Iraq.
Basra Provincial Council member Walid Qitan said: "The efforts of businessmen in the province resulted in the cooperation of major public companies to invest in Faw Port in order to preserve the sovereignty of Iraq on this strategic link that will connect the Middle East and Europe in the future."
A public company was established under the name of Basra National Group, which includes 100 businesses and is supported by Basra council to invest in the port with 51 percent of shares. Foreign companies wishing to invest in the port take 49 percent of shares.
Qitan added: "This project is the first of its kind to keep the Iraqi sovereignty and it will be followed in other Iraqi provinces."
Basra's government announced at the end of April about presenting the port for investment by specialized companies as a result of the delay in the implementation of the project.
Member of the founding committee of the company Ghazi Abbass Assad said: "The company includes businessmen and owners of capital in the province and its priorities will be working on the investment of Faw Port, as well as the implementation of the railway project that connects Basra to Turkey.
"The businessmen seek through this project to make Basra one of the best economic cities in the Middle East because of its special qualifications in this aspect."
Assad added that five percent of the company's profits will be given on a regular basis to support the poor and needy in the province.
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.
The construction of Faw 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.
Faw is expected to include two berths for containers at a length of 39,000m and 2,000m. The port will also include a containers yard at a size of one million square meters as well as another multi-purpose yard covering an area of 600,000 square meters.
Iraq announced plans to build Faw 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.
Basra province, 550km south of Baghdad, includes five commercial ports and two oil ports.
© AK News 2012
