Iraq may sign a contract with Daewoo to build Al-Faw port in the next 48 hours

Shafaq News / The Iraqi Ministry of Transport denied on Saturday that other companies are moving to build Al-Faw Port project, revealing that during the next 48 hours the country may be signing the contract with the Korean company, Daewoo.

The ministry's spokesman, Faleh Hadi, told Shafaq News Agency, "Negotiations have been going on between the ministry and the Korean company for three months, and there was a preliminary agreement between the two parties to build five berths with a depth of 19.8."

He added, "After the death of the former director of the company, and the appointment of the new manager, new demands were added, and this is contrary to the initial agreement between the company and the ministry," noting that, "the Minister of Transport, Nasser Al-Shibli, rejected these demands and gave the company a three-day deadline to reverse them."

The Iraqi Ministry of Transport announced on Thursday that Daewoo had withdrawn its initial agreement to build Al-Faw port in Basra, attributing the reason to the company's demand for additional sums to proceed with the project.

The cost of the project is about 4.6 billion euros and the estimated capacity of the port is estimated at 99 million tons annually, to be one of the largest ports overlooking the Gulf and the tenth in the world.

The project witnessed some delay after the technical director of the South Korean company committed suicide.