Daewoo E&C Officially Signs Contract Worth 2.9 Trillion KRW with Iraq Ports Authority

[Asia Economy Reporter Yoo In-ho] Daewoo E&C announced on the 4th that it has signed a contract for follow-up works of the Al Faw New Port in Basra Province, southern Iraq, worth a total of 2.625 billion USD (approximately 2.8686 trillion KRW).

On December 30 last year (local time), Farhan Al Fartusi, President of the Basra Port Authority, and Kim Jin-woo, site manager, signed a total of five follow-up contracts for the new port works at the port authority located in Basra Province through a private contract.

The follow-up works of the Al Faw New Port contracted by Daewoo E&C this time include five projects: container terminal quay wall construction, container terminal dredging and reclamation works, Al Faw-Um Qasr connecting road, new port main navigation channel, and the main construction of the Khor Al Jubair immersed tunnel. The total contract amount is 2.625 billion USD.

This project, ordered by the Iraq Port Authority, is part of the new port project being developed in the Al Faw area of Basra Province, southern Iraq, and is a follow-up to the works Daewoo E&C has been performing.

Through this follow-up contract, Daewoo E&C has recorded a cumulative total of 10 projects and approximately 4.1 trillion KRW in contract value solely for the Al Faw New Port in Iraq. With consecutive orders in the same project, Daewoo E&C can utilize skilled and excellent personnel and existing site equipment, which is expected to minimize construction risks and reduce costs.

A Daewoo E&C official said, “This was possible because the client highly evaluated the technical skills and site management capabilities demonstrated in the previously performed Al Faw New Port works,” adding, “Since the contract was awarded through a private contract, high profitability is expected.”

Daewoo E&C plans to actively participate in the upcoming new port hinterland development projects expected to be ordered in the future.

Meanwhile, with this order, Daewoo E&C achieved overseas orders worth 5.88 trillion KRW in 2020 alone, exceeding its annual overseas order target of 5.0696 trillion KRW.

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