Ministry of Transportation establishes a holding company to invest in Faw port

Thursday, 24 December 2015 14:42
Shafaq News / The Iraqi Ministry of Transportation announced on Thursday the formation of a holding company to invest in the port of Faw

planned to take place in Basra on the Persian Gulf.

The ministry published on its website that the Minister of Transportation , Baqir al-Zubaidi met with the governor of Basra and head of the provincial council and announced the formation of Basra Holding Company to invest in Faw port.

Faw port has put the foundation stone for the project on 5 April 2010 in Faw peninsula south of Basra province, as the project cost is about 4.6 billion Euros.

The estimated planned capacity of the port is about 99 million tons per year to be one of the largest ports overlooking the Arabian Gulf region.

The port is located in Ras Bisha area in Basra province on the Persian Gulf and will be the largest ports in the Gulf and of the world's largest ports. Iraq relies on it for the change in the global shipping map as it would convey goods from Japan, China and South East Asia to Europe via Iraq and vice versa.