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MarketScreener Homepage  >  Equities  >  Tokyo  >  Mitsubishi Corp    8058   JP3898400001


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Mitsubishi Corporation : Awarded Contract for Port Rehabilitation in Iraq

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05/30/2018 | 02:49am EDT

TOKYO, May 30, 2018 - (ACN Newswire) - Mitsubishi Corporation has been awarded a contract for port construction in the Republic of Iraq. Extended by the General Company for Ports of Iraq (GCPI), the contract covers a port rehabilitation project in the country's southern region of Basra, and is valued at approximately $110 million. The project is being funded through ODA loans provided by the Japan International Cooperation Agency (JICA).

The project will be executed through a partnership between MC and multiple international contractors, including Turkey-based energy infrastructure provider Calik Enerji (CE), in which MC holds shares(1), and construction firm Gap Insaat, also Turkey-based. Both part of the Calik Holding group, these two sister companies will play a major role in executing construction while MC will be responsible for overall project coordination and serve as the prime contractor, facilitating the import of steel structures and other necessary supplies from Japan.

The objective of this project is to modernize existing industrial port facilities around Basra by (i) expanding the oil products berth at Khor Al-Zubair Port, and (ii) building a new service berth for working ships and service boats at Umm Qasr Port.

The rehabilitation of ports throughout Iraq is essential to meeting increasing demands for port infrastructure, which is growing rapidly as the volumes of trade flowing in and out of the country grows. Rehabilitating this critical infrastructure will also contribute to further stabilizing the country's economy as post-war reconstruction advances. This project is particularly noteworthy given that Khor Al-Zubair and Umm Qasr are the only ports currently in operation in the Basra region, where a system of ports located in the 48 kilometer wide tip of the country wedged in between Iran and Kuwait along the Persian Gulf gives Iraq its only outlet to the sea.

In addition to this project, MC intends to continue leveraging provisions under the Japanese Government policy framework for promoting export of "high-quality infrastructure" to identify opportunities that support Iraq's efforts towards reconstruction, economic development, and increased quality of life.

(1) The partnership between Calik Holding (CH) and MC dates back to the 1990's when the two companies started collaborating on a number of plant construction projects in Central Asia. On June 4, 2015, MC entered into a strategic alliance with CH and CE that included the acquisition of shares in CE and the exchange of personnel.

About Mitsubishi Corporation

Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry, including industrial finance, energy, metals, machinery, chemicals, and daily living essentials. MC's current activities have expanded far beyond its traditional trading operations to include investments and business management in diverse fields including natural resources development, manufacturing of industrial goods, retail, new energy, infrastructure, finance and new technology-related businesses.

With over 200 offices and subsidiaries in 90 countries and regions worldwide and a network of approximately 1,300 group companies, MC employs a multinational workforce of over 70,000 people.

For more information, visit https://www.mitsubishicorp.com/jp/en/


Mitsubishi Corporation

Copyright 2018 JCN Newswire . All rights reserved.

© Japan Corporate News, source JCN Press Releases

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Yield 2020 4,76%
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Takehiko Kakiuchi President, CEO & Representative Director
Ken Kobayashi Chairman
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