Iraq's cabinet has announced that firms from China, Greece and Spain have shown interest to develop the major port of Faw Peninsula in Abdullah Khor beach, South of Iraq.
The project will be developed on an area of 54 km². The new facilities will have:
The total project investment is estimated at €7 billion (US$7.95 billion). The eastern and western wave brakes phase have been funded from the general budget with total amount of €720 million, the total cost of the first phase that make the port ready to operate is US$2.37 billion.
The Faw Peninsula is a marshy region adjoining the Persian Gulf in the extreme southeast of Iraq, between and to the southeast of the cities of Basra (Iraq) and Abadan (Iran). It is the site of a number of important oil installations, Its chief importance is its strategic location, controlling access to the Shatt al-Arab waterway and thus access to the port of Basra.