Iraq: Hyundai Bids for Breakwater Construction

The director general of the State Company for Iraq’s Ports stated that the 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.

According to Bloomberg, Daewoo Engineering & Construction Co. (047040), Dredging International, China Communications Construction Co. and Al Habtoor Leighton Group are also among the bidders for this 480 billion-dinar ($412 million) construction project.

Results will be made public after an evaluation that will take up to two months, official said, adding that the government will finance construction of the breakwater.

Bloomberg also reports that the Grand Fao Port will have a capacity of more than 30 ships and will provide at least 100,000 jobs.

[mappress]

Dredging Today Staff, August 3, 2012

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