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FINANCIAL NEWS
Iraq inks USD14m port development deal with US consortium
03 Oct 2012
(MENAFN) US North America Western Asia Holdings (NAWAH) announced that it inked a USD14 million contract to develop Iraq’s Basra port, reported Arab News.
The company leads a consortium to invest in a new heavy-lift crane, container-handling capabilities, in addition to establishing a new container yard in one of the 14 berths in the Maqal Port on Shatt Al-Arab waterway.
The consortium will also dredge Shatt Al-Arab to 9 meters (yards) to make it a deep-water port, so that it could handle deep-water vessels.
Iraqi minister of transportation, Hadi Al-Amiri, stated that the main aim of developing Maqal Port is to enhance and expand the country’s shipping and port capabilities.
It is worth noting that NAWAH’s consortium comprises New Jersey-based Triton Container International Ltd., which is the world’s largest owner-lessor of marine cargo containers, and the Chicago-based Marmon Crane Services, an international owner, operator and lessor of crane equipment that operates in 14 countries.
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