OPEC member Iraq is expected to net nearly 6 trillion Iraqi dinars ($4.5 billion) annually from the operation of the new Faw Port and the Development Road which involves the construction of a 1,200-km rail and motorway, according to a local expert.
Locked in a post-war drive to rebuild its economy, Iraq hopes the two mega projects that could cost nearly $20 billion would convert it into a major regional trade and business hub, Nabil Al-Marsoumi, a professor at Iraq’s Maaqal University.
Marsoumi, a well-known Iraqi energy analyst, told a local TV channel at the week end that Faw Port in South Iraq would handled nearly 23 million tonnes per year of solid cargo and 67 million tonnes of containers when it is completed.
Citing figures by the General Company for Ports in Iraq, an affiliate of the Transport Ministry, Marsoumi said Faw Port would fetch IQD2 trillion ($1.5 billion) in 2038 while earnings from the Development Road could reach IQD4 trillion ($3 billion).
“These earnings will support Iraq’s diversification plans as they account for nearly 6 percent of the country’s current annual oil revenues,” Marsoumi said.
The Development Road will link Faw with Turkey and Europe through a rail network and a parallel motorway and would be used for both freight and passenger services.