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Tuesday, 07 April 2015

Iraq seeks investors for $6.5bn Grand Faw port project

The Iraqi Ministry of Transport has invited international investors to register their interest in the country’s proposed Grand Faw port project.

“The ministry of transport announces the Grand Faw Port project as an investment opportunity for qualified investors,” the ministry said in a letter to embassies, adding that the bidding was only open to ‘serious and financially able’ companies.

The project is expected to cost around $6.5 billion in total with a first phase due to be completed in 2018.

“The aim of this measure is the promotion of investment in the Port of Faw,” a ministry spokesperson said in a statement, calling the project “a vital economic lifeline” for Iraq.

“[The port] will contribute significantly to the support of industry, commerce and the operation of labour sectors and open up new prospects for trade with all countries of the world.”

The initial phase of work will increase capacity to 2 million TEU as part of a strategy to ultimately reach capacity of 20 million TEUs and handling capacity of around 99 million tonnes per year. The investment will be used to construct a 39km container quay and 2km of berths along with a container warehouse and hinterland covering more than one million square metres.

The port project has suffered repeated setbacks since an initial call for tender was announced as long ago as 2012. Falling oil prices have impacted government revenues limiting the ability to support the project and ongoing security concerns have caused hesitancy from international investors.

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