View Full Version : Iraq plans to raise money for the project, "FAO" large port 01-12-2016

01-12-2016, 09:19 PM
Iraq plans to raise money for the project, "FAO" large port

BAGHDAD (Reuters) - Iraq plans to help raise money to build a container port in the Gulf of FAO through shares put to subscribe to the company responsible for the project at a time when financial resources of the government are under pressure as a result of lower oil prices. It was scheduled to establish the port several years ago and has been delayed more than once, but it has gained increasing importance in the last eighteen months after the difficulty of moving supplies by land from neighboring countries and as a result the control of the organization of the Islamic state over large areas of Iraq and Syria.

Officials planned to establish a "Basra Holding Company," which will own 51 percent of the draft port of Faw in the southern province of Basra. Morning Albzona The head of the provincial council in Basra, told Reuters they would put to subscribe to shares in the company to help raise about $ 1.4 billion needed for the first phase of the project.

Albzona He added that officials have not yet inserted the holding company in the Baghdad Stock Exchange for the IPO or the sale of shares in a private launch operations undecided. He said the IPO will be put first on the population of the province of Basra and the rest of the Iraqi population. He did not specify a time frame did not disclose the number of shares that will be offering.

He said Albzona and project manager Asaad Abdel-Rahim said Iraqi officials are trying to find an international partner share 49 percent of the shares and the implementation of the structural work.Officials said that under the plan, the Iraqi partner will take over the port management to between 30 and 40 years and to compensate its investment and make a profit by giving up his share of the Council of Basra.

Albzona said that Chinese companies have already shown interest in the construction and operation of the port. He said the project manager Asaad Abdel-Rahim said the first phase of the FAO project requires the construction of six five berths for containers and one for the transport of goods in general. He added that the project will be able to handle about two million containers annually.