BAGHDAD: Iraq yesterday signed a $ 14 million deal with a US consortium to modernize a major port in the country's southern province of Basra in a move aimed at developing key infrastructure neglected during years of war and sanctions.
Under the 10-year agreement with a consortium led by North America Western Asia Holdings, the companies will invest in a new heavy-lift crane as well as container handling capabilities and build a modern container yard in one of the 14 berths in the Maqal Port on Shatt Al-Arab waterway, the company said in a statement.
The consortium also will dredge Shatt Al-Arab, which is currently unable to welcome deep-water vessels because of years of neglect, to nine meters (yards) to make it a "deep water" port, the statement added. The 93-year-old port is one of four in Basra on the Persian Gulf for commercial goods.
The Shatt al-Arab waterway, known in Iran as Arvand River, is formed by the confluence of the Tigris and Euphrates river, meandering south between Iran and Iraq before it spills into the northern Persian Gulf. Basra, where the signing ceremony took place, is located some 550 kilometers (340 miles) southeast of Baghdad.
"Modernizing Maqal Port is one step in Iraq's greater vision to improve and expand our country's shipping and port capabilities," the Iraqi minister of transportation, Hadi Al-Amiri, said in a statement. He added that NAWAH's commitment to Iraq's long-term economic growth "sends a strong message to other American and international investors that Iraq is truly ripe for investment."
One of the two companies teaming up with NAWAH is the New Jersey-based Triton Container International Ltd., which is the world's largest owner-lessor of marine cargo containers with operations in 15 countries and more than 200 depot locations worldwide. The other is the Chicago-based Marmon Crane Services, an international owner, operator and lessor of crane equipment that operates in 14 countries around the world.
NAWAH, which is based in Washington State and is chaired by Paul Brinkley, a former US Defense Department official who sought to attract companies to Iraq and Afghanistan.
Iraq's oil-reliant economy is expected to see significant growth in the coming year as it has awarded 15 oil and gas deals to international energy companies since 2008, the first major investments in the country's energy industry in more than three decades.
The original goal was to boost daily production from about 3 million barrels now to 12 million barrels by 2017. That may be revised downward to fewer than 10 million barrels, however, because of infrastructure bottlenecks and a possible falloff in demand on international markets.
Iraq signs deal to modernize Basra port
Iraq signs deal to modernize Basra port
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
