Hyundai Among 16 Companies Bidding for Breakwater in Iraq
Hyundai Engineering & Construction (000720) is among 16 companies that bid to build a breakwater for the $6 billion first phase of the Grand Fao port in the south of Iraq, said the director general of the State Company for Iraq’s Ports.
Daewoo Engineering & Construction Co. (047040), Dredging International, China Communications Construction Co. (1800) and Al Habtoor Leighton Group are also among the bidders for the 480 billion-dinar ($412 million) breakwater, Omran Radhi said in a telephone interview from Baghdad yesterday. Brazilian, Turkish, Italian, Ukrainian, Jordanian and Iraqi companies have submitted bids as well, he said.
Results will be made public after an evaluation that will take up to two months, Radhi said, adding that the government will finance construction of the breakwater.
The Grand Fao port will have a capacity of more than 30 ships and will provide at least 100,000 jobs, Radhi said in a March 5 interview.
Iraq holds the world’s fifth-largest crude deposits including Canadian oil sands, according to data from BP Plc. (BP/) The government is trying to attract foreign investment and expertise to help rebuild the infrastructure and boost energy exports to revive an economy shattered by years of conflict, sanctions and sabotage.
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