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$1.3billion Venture to be Created for Iraq Faw Project

Basra port project to include construction of quays and container terminals

Iraq will be creating a $1.3billion venture to manage the implementation of the Faw port project.

According to Shafaq News, Basra citizens will be able to purchase shares in the joint stock company which will oversee the construction of the project, whilst offering select parts of the project to foreign companies to invest with a maximum shareholding of 49% on offer.

It is reported that phase 1 of the project could cost $3.1billion. This part of the project involves the construction of a 39km container quay and 2km of berths, in addition to the construction of a container warehouse and hinterland which will cover in excess of 1 million square meters.

Source: Reuters



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