Iraq’s government has agreed to sign a $2.625 billion contract with South Korea’s Daewoo Engineering & Construction to build the first phase of a giant commodities port in the south of the country, reported Reuters, citing a port manager.

 

Under the contract, expected to be signed on Sunday, Daewoo E&C will handle construction works that include building five berths to unload ships and a yard for containers, stated Farhan Al Fartousi, Iraq’s director general at the General Company for Ports.

 

Daweoo will also carry out dredging and drilling works to create an access navigation channel, he added.

 

Once the Phase One gets completed, the port will be able to receive three million containers, he said, adding that the three construction phases in total should be finished in less than four years.