Iraq will complete Phase 1 of the sprawling Al Faw Grand Port in 2025 and it will operate at a capacity of 20-45 million tonnes per year, a government report said on Friday.
Phase 1 of the Port in Southern Iraq comprises 11 infrastructure projects, including quays and canals, at a cost of around $4.7 billion, the Planning Ministry said in its report, published by the Iraqi Shafaq News agency.
It said six of those projects have been fully completed and the remaining five would be finished in 2025 as nearly 37 percent of them have been executed.
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“The initial operational capacity of the port ranges between 20 million and 45 million tonnes annually…when it is totally completed, Faw Port will have a capacity of 99 million tonnes per year, making it the world’s 12th largest container terminal,” it added.
South Korea’s Daewoo E&C is building the Port’s infrastructure under a $2.6 billion contract awarded by the Iraqi Transport Ministry four years ago.
Source: Reuters (Writing by Nadim Kawach; Editing by Anoop Menon)