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Iraq to form joint venture for the Grand Faw port project

The Phase 1 of the project is scheduled to be completed this year. (Image source: Bill Dickinson/Flickr)

Iraq will be creating a US$1.3bn venture to manage the execution of the Grand Faw port project

According to Shafaq News, Basra residents will be allowed to own shares of the joint-stock company.

With an estimated capacity of two million twenty-foot equivalent units (TEU), the Phase 1 of the project is scheduled to be completed in 2018. It consists of a 39km container quay along with a container warehouse and hinterland covering more than one million sq m.

The Iraqi Transport Ministry stated to the source that the company will execute the project and will offer various parts to foreign firms for investment. According to the report, Phase 1 of the project is expected to cost around US$3.1bn.

Transport minister Kazem Fanjan Al-Hamami said, ?There is a marked progress in the construction of the port after the completion of the Eastern breakwater project last year.?

As reported by Reuters, the project was launched in 2010 but it was stopped as the country faced cash shortage due to internal hostilities and low oil prices.