Iraq port seeking investors for development

Iraq port seeking investors for development The Iraqi government has issued a request for proposals from international consultants to oversee the privatization of Iraq’s main deep sea port at Umm Qasr, Middle East Business Intelligence reported Friday. The deal could be worth $1 billion.
   “Baghdad will appoint a consultant in the summer to lead the next stage of the process, to seek contractors and operators to build a container terminal at the site, and take up a 25-year concession to manage the port,” the report said. “Container capacity at Umm Qasr’s southern port is scheduled to be 300,000 TEUs initially, rising to 1 million TEUs in the future. ‘The government of Iraq recognizes its lack of knowledge and expertise in a project of this size and on such a long-term contract,’ says one adviser to the government.”
   Battles between security forces and insurgents in the region have put off potential investors, but in April, the Iraqi army took back control of the port.