Basra intends to begin of construction «Faw» 12-27
Basra intends to begin of construction «Faw» NEW MORNING ECONOMIC AFFAIRS DECEMBER 27TH, 2015
To collect some 1.4 billion dollars for the first phase Baghdad – new morning:
Officials said Saturday that Iraq intended to help raise money to build a container port in Faw Bay through the offering of the company responsible for the project at a time when the Government's financial resources to pressure as a result of lower oil prices.
It was planned for the port since several years and postponed more than once but it has gained increasing importance in the last 18 months after difficult transport supplies overland from neighbouring States as a result of the control of the organization Islamic State of large areas of Iraq and Syria.
And officials plan to establish a company holding that Basra will own 51 percent of Faw port project in the governorate of Basra. He said morning Franck Basra Governorate Council Chairman told Reuters they cast shares for shares in the company to help raise some 1.4 billion dollars needed for the first phase of the project.
Franck said that officials had not yet decided after you insert the holding company in Baghdad Stock Exchange flotation or sale of shares in culls.
He said the IPO would put first on the residents of Basra governorate and then the rest of the Iraqi population. He did not specify a time frame and did not disclose the number of shares for subscription.
Franck, said project manager Asad Abdul Rahim that Iraqi officials are trying to find an international partner 49 percent share of the stock and the implementation of the construction work.
Officials said that under the Iraqi plan, the port administration will partner for between 30 and 40 years and compensation investments and profits before relinquishing his share of the Basra Council.
Franck said that Chinese companies have already expressed interest in the construction and operation of the port. Project Manager, said Asaad Abdul Rahim that the first phase of the FAO project provides for the construction of six five berths for containers and one for transport of goods in General. He added that the project will be able to handle 2 million containers annually.
So, shipping sources said in Basra province, on Saturday, that serious meal of foreign vessels carrying large quantities of mountain rocks imported from the authority of Oman arrived in Iraqi territorial waters for the purpose of using these rocks by Korean company create Kasser (barrier) to waves in Faw port project site. The source said that three large foreign vessels each carrying some 9,000 tons of solid mountain rocks imported from the authority of Oman arrived in Iraqi territorial waters for the purpose of using those rocks create Kasser (barrier) the Western waves in Faw port project site», «the Western barrier is implemented by the company (Daewoo) of South Korea, which imported rock and chartering the tanker, with the Ministry of transportation through public ports company many navigational facilities the company implemented to accelerate To complete the project. "he source, according to sumaria news," one of the three ships went directly to the site create a breakwater and began the process of unloading of rocks, for the vessels they are contingent on the waiting area into the Khawr
Abd Allah», adding that more ships loaded with rocks Oman hoped they were received into the great Faw port site in the coming weeks, arrived over the past two months, many ships.