Daewoo Engineering & Construction Co., is the No. 5 builder in South Korea in terms of building capacity, said on Sept.2 that it has won a US$70.35 million order to build entrance roads in Al Faw, for a new port in Iraq.
Under the deal with the General Company for Ports of Iraq (GCPI), Daewoo E&C will build a 14.5 kilometer-long road for the Al Faw Grand Port in Basra, southern Iraq, by May 2021.
The Al Faw New Port Development project is the third construction project that Daewoo E&C bagged in Iraq this year, is a large-scale project to develop a port for Basra State, which is the only region in Iraq that borders the sea. The Iraqi government plans to develop Al Faw Port into the world's 12 largest ports by linking it with Turkey and other nearby countries.
In May, the builder secured a $200 million deal to build a container terminal at the Al Faw port.
Daewoo E&C said it expects to get more orders in Iraq as the war-torn country is eager to rebuild and expand infrastructure.