Daewoo signs $2.6bn Iraq Port Deal

By John Lee.

Iraq's Ministry of Transport has signed a contract with Korea's Daewoo to complete five infrastructure projects at the Grand Faw port.

The contract includes the construction of a 14-kilometer navigation channel extending to the sea, the basin for the ships that will dock at the port, and an underwater tunnel, which is to be the largest of its kind.

The navigation channel will have a depth of 19.8 meters, which will involve the removalĀ  of 110 million cubic meters of mud deposits.

Dr. Farhan Muheisen Al-Fartousi, the Director General of the General Company for Ports of Iraq (GCPI), said that work will start "in the coming days".

Reuters reports that the contract is worth $2.625 billion.

(Sources: Iraqi Ministry of Transport, Reuters)

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