The deal will include operation of the existing Berth 20 container terminal, as well as new construction including 600 m of new quay and 900,000 teu of additional capacity, starting with the first phase which consists of 200 m of quay and 300,000 teu.
ICTSI chairman and president Enrique Razon called the move “By far the largest ever private investment in Iraqi ports.”
“We are excited about this opportunity, and we would like to thank the Government of Iraq for the continued support in this endeavour,” he added.
The port, which handles liquid and dry bulk, general cargo and containers through its 21 berths, saw throughput of 500,000 teu in 2013. Hans-Ole Madsen, ICTSI senior vp for Europe and Middle East, praised the port’s “impressive growth” in the past 10 years.
“But current cargo volumes are still only a fraction of what is expected in the future,” said Madsen. “The Iraqi economy is being transformed as Iraq develops its industrial potential and catches up with its neighbouring economies. ICTSI will provide the world-class port infrastructure and cargo handling skills required to support Iraq’s economic transformation.”
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