DAEWOO E&C Awarded $690 Al-Faw Port Barrier Project

Daewoo Engineering & Construction Corporation, the South Korea based giant company, was awarded a ($690 million) Al- Faw Port barrier project in Iraq.

 The Korean  fifth-biggest construction company will build a 15.85 km long riprap breakwater at Al-Faw in the southern city of Basra for General Company for Ports of Iraq (GCPI) over the next 30 months.

The Iraqi government is planning to transform the Al-Faw Port into the world's 12th biggest port, it is one of several projects which Iraqi government hope will create a transportation corridor between the Middle East and Europe that will bypass the Egyptian Suez Canal.

Daewoo E&C posted a 17 percent decline in net profit for the January-September period compared to a year ago. But its net profit rose 14 percent to 46.3 billion won in the third quarter ended Sept. 30 from 40.6 billion won a year earlier.

This contract and more others to come and to be bided on by the company, which is hoping to win them like building railways, container terminals, dry bulk terminals or a navy camp near the Al-Faw port, will increase the company presence in the Iraq.

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