Iraq Port Operation Project Challenge... Daewoo E&C and K-Consortium Formed

Daewoo E&C CEO Baek Jeong-wan (left), Busan Port Authority President Kang Jun-seok (center), and SM Line President Park Ki-hoon are taking a commemorative photo after signing an agreement to form the K-Consortium for the construction and operation of the Al-Faw Port terminal in Iraq.

Daewoo E&C announced on the 14th that it has signed an agreement to form a K-Consortium with Busan Port Authority and SM Sangseon Kyung Intermodal to construct and operate the Al-Faw Port terminal in Iraq.

This agreement is to participate in the project to build and operate a terminal with 5 berths in the first phase, capable of accommodating vessels up to 24,000 TEU, as part of the planned 50-berth container terminal in Al-Faw, located in Basra Province, Iraq.

The Al-Faw Port is a top national priority project promoted by the Iraqi government to diversify its industry and reduce excessive dependence on oil. Leveraging its geographical advantage, the plan is to establish a land Silk Road connecting Al-Faw with Europe and Central Asia, aiming to develop Al-Faw Port into one of the world's top 12 hub ports. Daewoo E&C is currently carrying out related infrastructure works, including dredging and reclamation for the first 5-berth terminal and connecting roads.

Since starting the Al-Faw breakwater construction in 2014, Daewoo E&C has secured a total of 10 projects worth $3.78 billion, establishing Iraq as a key regional market.

If the K-Consortium wins the Al-Faw Port operation project, it is expected to secure additional orders related to the hinterland infrastructure complex for the port's operation in the future.

Winning the terminal superstructure construction project is also expected to open opportunities for other domestic companies in heavy industry, design, and mechanical and electrical fields to enter the Iraqi market.

A Daewoo E&C official stated, "Through experience in this new business of overseas port operation, we will lay the foundation to nurture a Korean-style GTO (Global Terminal Operator), while transferring the know-how of Busan Port operation to Iraq, pioneering a new chapter in private diplomacy."

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