Gulftainer to Spend $500m at Basra Ports

[zantac]

Link

http://www.iraq-businessnews.com/2010/09/28/gulftainer-to-spend-500m-at-basra-ports/

Posted on 28 September 2010. Tags: Basra, Gulftainer, Mas al-Basra

Gulftainer, in collaboration with a local Iraqi company, launched a new container-dock project in Basra on Monday, with the aim of increasing capacity at the port by about 58,000 tons per year.

The Emirati company will initially invest $24m [29 billion Iraqi dinars] in the project, according to the report from AKnews.

Gulftainer’s Director, Peter Richards, said, “the company seeks to create the largest container complex, and it is interested in investing in the overland transportation of containers to and from Iraq; this will be done through a canal project that will facilitate the smooth transfer of containers.”

“The company intends to invest $500 million [600 billion Iraqi dinars] over the next three years through the development of some existing projects that would improve the infrastructure and create new job opportunities, in addition to the social services, especially building a new hospital with the latest modern medical equipment,” Richards added.

The director of the Iraqi shareholding company Mas al-Basra, Ali Khraybet, said “the company will implement the project in three stages, including the submission of the study, processing and inserting of tubular pillars, and establishing a container yard of 3,000 cubic meters, equipped with communication, surveillance and other major services. “

He also explained that the official duration of the project is 24 months, but that the company will seek to complete it within fifteen months.

The Iraqi Ports company in Basra has attracted a large number of international companies SMA, Global, Marlok and Gulftainer, which helped to triple the profits of the port over the past few years