Daewoo E&C Wins Jackpot with 2.9 Trillion KRW Iraq Port Construction Contract

[Asia Economy Reporter Yoo In-ho] Daewoo E&C has hit a major jackpot in Iraq at the end of the Year of the Rat.

According to industry sources on the 31st, Daewoo E&C and the Iraqi government signed a contract for the 'Al Faw New Port Phase 1 Construction' project in Basra Province, southern Iraq, in Baghdad, the capital of Iraq, the day before. It is a mega project worth a total of $2.625 billion (approximately 2.8686 trillion KRW).

The Al Faw New Port is a project promoted by the Iraqi government to establish a hub connecting the Middle East and Europe via sea routes. The construction is being carried out in three phases.

Daewoo E&C will be responsible for constructing five piers, creating a container yard, and dredging and excavation of the main navigation channel for ships to access the port. The construction period is known to be about four years.

Daewoo E&C has been involved in the Al Faw New Port project in Iraq since 2013. Currently, during Phase 1, it is carrying out construction work including the breakwater, the immersed tunnel fabrication yard connecting the Um Qasr area and Al Faw area, and the access road.

An industry official said, "We understand that Daewoo E&C has been conducting behind-the-scenes negotiations with the Iraqi government for years for this contract," and added, "Gaining the client's trust through existing construction projects seems to be the background for this large-scale order."

The industry expects the project to be highly feasible as existing personnel and equipment can be utilized for this business.

This content was produced with the assistance of AI translation services.