Iraq and Hanwha Company of South Korea have agreed on the final draft contract for Phase 1 of the Al Faw Grand Port project, the local press reported on Wednesday.

The Iraqi Transport Ministry and Hanwha will officially sign the contract shortly after the project was awarded by the governemnt to the South Korean firm, Aliqtisad News and other Iraqi publications said, quoting Madr Al-Azirjawi, member of the Parliament's Services and Construction Committee.

"Both the Transport Ministry and Hanwha have reviewed all technical details of the final contract and approved will be signed shortly," he said without providing details.

Azirjawi estimated the Faw Port project to cost nearly $5 billion, which officials have said would be secured through oil revenue and loans.

Located in South Iraq, the port will have a capacity to handle 99 million tonnes annually, making it one of the world's largest container terminals.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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