Iraq opens the door of foreign investment in the port of Faw


First Published: 2016-07-27

Iraqi Minister of Transport project poses in front of a number of local and foreign companies as a great investment opportunity will contribute to providing employment opportunities for the people of the province.

Middle East Online

Faw port in front of the eyes of investors

Iraq – said Abdul Hussein Abtan, the Iraqi Minister of Transport Acting Wednesday, asking the port of Faw, south of the country in the Gulf to invest, in front of 31 foreign and local companies in an effort to speed up the opening of the port, which is the largest in Iraq.

Abtan said, during the investment conference in Basra province (south), he said that “the Ministry of Transport initiated the establishment of the port of Faw since 2010, and the funds allocated to accomplish, and reached an advanced stage.”

But the Iraqi minister pointed to the existence of “financial problems hinder its completion,” and added that “requires us to take advantage of the time, to accelerate the completion of the port of Faw, by launching the investment to foreign and local companies.

He explained that the ministry will offer the project for investment for companies, as a great investment opportunity, and the port will contribute in providing job opportunities for the people of the province and provide new financial revenues of the federal government. “

The Iraqi government and entrusted in 2012, the first phase of the project breaker eastern and western waves, (a wall stretches for several miles its mission to protect the docks of the phenomena of the tides) to the Greek company at a cost of 200 million euros.

For his part, Majed Nasraoui, the governor of Basra, said during the conference that “Basra where large elements make it an economic city, including the five ports, as well as border crossings with Iran and Kuwait, and we are planning to open a land port with Saudi Arabia.

Nasraoui added that “the objective of completing the port of Faw to be a link between two important Arab Gulf states, which is a major consumer of foreign goods and a major source of oil and between Turkey and the main consumer of oil and the main source of goods so it will be the port of Faw is a link between the two parties.

Nasraoui said that “the project port of Faw will be followed by the completion of the dry canal, which include extending the railway from Basra to the Faw project, the construction of a land route from Basra to the Faw”, pointing out that today’s conference comes to ask port of Faw to invest for companies in the presence of representatives of the official authorities in The federal government, the parliament and the local administration, and representatives of foreign and local companies.

The Iraqi government earlier estimated total cost to complete the construction of the port of Faw project time, at all levels, to 4.4 billion euros.

Morning Albzona The head of the Basra Governorate Council during the conference, “The port of Faw, crashes accomplished since 2009 and until now, for reasons we do not know, but after today will not be silent on the disabled vital project.”

Albzona He pointed out that “the agreement from the beginning was to create 360 berths in the port of Faw, but the Ministry of Transport has decided to create 98 berths as a first stage.

“The local administration in Basra will be watching the negotiations with the investment companies of the port of Faw will be a discount for each company to prove it works to disrupt the completion of the project.”

It is planned to contain Faw port container terminal A 39-meter-long quay and another two thousand meters long, as well as an arena for containers, with an area of more than one million square meters, and other multi-purpose arena with an area of 600 thousand m2.

Iraq has in the province, four commercial and industrial ports, namely: stronghold, and Khoz Zubair, Abu flus, and Umm Qasr, Iraq exported about 80 percent of its oil through the ports of Basra on the Persian Gulf.

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