Japan-based Mitsubishi Corporation has secured a $110m contract from the General Company for Ports of Iraq (GCPI) for the port rehabilitation project in the southern region of Basra.
The project is being funded through Official Development Assistance (ODA) loans from the Japan International Cooperation Agency (JICA).
The project will be executed through a partnership between Mitsubishi and multiple international contractors, including Turkey-based energy infrastructure provider Calik Enerji (CE), in which Mitsubishi holds shares, and construction firm Gap Insaat, also based in Turkey.
CE and Gap Insaat are part of the Calik Holding group and will play a major role in executing construction. Mitsubishi will be responsible for overall project coordination. It will serve as the prime contractor, facilitating the import of steel structures and other supplies from Japan.
The objective of the project is to modernise the 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.
The rehabilitation of ports in Iraq is essential to meet the increasing demands for port infrastructure due to the rapid growth of volumes of trade flowing in and out of the country.
Rehabilitating the port infrastructure will also stabilise the country’s economy as post-war reconstruction advances.
Khor Al-Zubair and Umm Qasr are the only ports currently in operation in the Basra region. A system of ports in the 48km wide tip of the country between Iran and Kuwait along the Persian Gulf is Iraq’s only outlet to the sea.
Mitsubishi also plans to leverage provisions under the Japanese government policy framework for promoting export of high-quality infrastructure to identify opportunities that support Iraq’s efforts for reconstruction, economic development and better quality of life.
Mitsubishi is an integrated business enterprise that develops and operates businesses in several sectors, including industrial finance, energy, metals, machinery, chemicals, and daily living essentials.