Mitsubishi Corporation Wins $110 Million Port Contract in Iraq
- Business & Finance
Japan’s Mitsubishi Corporation (MC) said in its latest announcement that they have won a $110 million port construction contract in the Republic of Iraq.
Extended by the General Company for Ports of Iraq (GCPI), the contract covers a port rehabilitation project in the country’s southern region of Basra and it is being funded through ODA loans provided by the Japan International Cooperation Agency (JICA).
According to the official statement, the project will be executed through a partnership between MC and multiple international contractors, including Turkey based energy infrastructure provider Calik Enerji (CE), in which MC holds shares, and Turkish construction firm Gap Insaat.
Both part of the Calik Holding Group, these two sister companies will play a major role in executing construction while MC will be responsible for overall project coordination and serve as the prime contractor, facilitating the import of steel structures and other necessary supplies from Japan.
The main goal of this capital development project is to modernize existing industrial port facilities around Basra by expanding the oil products berth at Khor Al-Zubair Port, and building a new service berth for working ships and service boats at Umm Qasr Port.