Mitsubishi Lands 1st Port Construction Deal in Iraq in 40 Yrs

Tokyo, May 30 (Jiji Press)--Japan's Mitsubishi Corp. <8058> said Wednesday that it has received an order for port improvement work in Iraq, its first port construction order in the country in some 40 years. The major trading house won the order to improve ports in the southern region of Basra from state-run General Company for Ports of Iraq. Mitsubishi will expand a berth of an aging industrial port and build a new berth for working ships and service boats at a commercial port. In the 11-billion-yen project, the trading house will carry out the construction work with Turkish companies. The cost will be entirely covered with loans by the government-affiliated Japan International Cooperation Agency, or JICA. Mitsubishi hopes to complete the construction work by 2020. The industrial port is expected to be used for petrochemicals exports and other shipments. END