BPA Advances Participation in Iraq Port Operation Project... Daewoo E&C and SM Line Sign K-Consortium Agreement with Gyeongin Terminal

BPA, Daewoo E&C, SM Line, and Gyeongin Terminal officials are taking a group commemorative photo after signing the agreement.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan Port Authority (BPA) signed a K-Consortium agreement on the 13th at the Daewoo Construction headquarters with Daewoo Construction, SM Line Gyeongin Terminal to participate in the operation project of the Al-Faw Port terminal in Iraq.

The agreement is for participation in the operation project of five berths with a capacity of 23,000 TEU, which is being developed by Daewoo Construction as the first phase of the 'Al-Faw Port Grand Port' plan to build a container terminal with 50 berths at Al-Faw Port located in Basra Province, Iraq.

The Iraqi government is promoting the Al-Faw Port development plan as a national top priority project to reduce excessive dependence on oil and diversify its industries.

Utilizing its geographical advantages, it aims to establish a land Silk Road connecting Al-Faw with Europe and Central Asia and to foster Al-Faw Port as one of the world's top 12 hub ports in the future.

In response to Iraq's request for participation in the operation of the Al-Faw Port terminal, BPA and others decided to form a K-Consortium and signed an agreement among the joint participants as the first step to establish a close cooperative system.

The Iraqi Minister of Transport and the President of the Iraqi Ports Authority visited Korea in March this year to discuss cooperation plans for the Al-Faw Port development project with Korea’s Ministry of Oceans and Fisheries and BPA.

The Ministry of Oceans and Fisheries and the Overseas Port Development Cooperation Support Center under the Korea Port Association are also actively supporting participation in the Iraqi port operation project.

The K-Consortium is known to have submitted a proposal to participate in the operation project of the Al-Faw Port terminal to the Iraqi side and is expected to begin full-scale discussions.

BPA expects that if the consortium’s participation in the operation of the Al-Faw Port terminal is successful, opportunities for domestic heavy industries, port operation systems, port infrastructure, and related companies to enter Iraq will expand.

Kang Jun-seok, President of BPA, said, “We hope to transfer the operational know-how of Busan Port, the world’s second-largest transshipment port, to Iraq and help lay the foundation for Al-Faw Port to grow into one of the world’s top 12 hub ports.”

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