OPEC member Iraq will complete two main projects which are part of the Al Faw Grand Port contract in 2021 as it pushes ahead with plans to finish one of the world's largest container terminals on time, an official was quoted on Wednesday as saying.
Several projects at the Faw Port in Southern Iraq have reached an advanced stage and some of them have an execution rate of nearly 95 percent, said Farhan Al-Fartousi, Director General of the General Company of Ports in Iraq, an affiliate of the Transport Ministry.
He said two key projects to be completed in 2021 include an underwater tunnel and a 14-km road linking the Port with nearby areas at a cost of $70 million.
"These are important projects which will be finished this year...the two projects are not within the contract awarded to the South Korean company," Fartousi told the official Alsabah newspaper, referring to Hanwha which has been awarded a contract.
Iraqi officials have said the Port would cost around 4 trillion dinars (3.36 billion dollars) to be funded by the government and investors.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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