Iraq signs $2.625b Faw port contract with Daewoo E&C

Iraq agreed a $2.625 billion deal with South Korea's Daewoo Engineering & Construction on Wednesday to build the first phase at its planned Faw commodities port in the south of the country.

Under the contract, signed in Baghdad by representatives of Iraq's transportation ministry and the South Korean company, Daewoo E&C will handle construction work including building fiveberths to unload ships and a yard for containers. (Reuters)