The second phase of Khor al-Zubair Port development has commenced. It aims at expanding the port capacity to the highest level, the General Company for Ports of Iraq (GCPI) announced Tuesday.
According to a statement issued by the Ministry of Transport, Riyad Swadi, director general of GCPI, said that the company hopes the port generates revenue estimated at over five billions Iraqi dinars monthly. This amount the port has achieved since August, he added.
Khor al-Zubair Port is an Iraqi port that was founded in 1974 in Khor al-Zubair, 80 km from the center of Basra Governorate.
The Iraqi government has been signaling that it will plan larger investments in its oil sector in 2018 to increase production.
However, there is further risk of political instability following the Kurdish referendum held in September and potentially following the Iraqi general election in early 2018.