{"id":71065,"date":"2023-05-29T00:00:00","date_gmt":"2023-05-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/29\/iraq-is-linking-asia-and-europe-with-a-usd-17-bn-road-and-rail-project\/"},"modified":"2023-05-29T00:00:00","modified_gmt":"2023-05-29T00:00:00","slug":"iraq-is-linking-asia-and-europe-with-a-usd-17-bn-road-and-rail-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/29\/iraq-is-linking-asia-and-europe-with-a-usd-17-bn-road-and-rail-project\/","title":{"rendered":"Iraq is linking Asia and Europe with a USD 17 bn road and rail project"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"\">I<\/span><span style=\"font-weight:700\">raq has launched a USD 17 bn project to link Grand Faw Port in Iraq\u2019s<\/span><span style=\"font-weight:700\"> southern Basra province to Turkey in the north through rail and road infrastructure<\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/iraq-launches-17bn-road-rail-project-link-asia-europe-2023-05-27\/\" style=\"\">Reuters<\/a><\/span><span style=\"\"> reports<\/span><span style=\"\">. The project\u2019s launch was announced at the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/portsofiraq\/posts\/pfbid0LkE7FVwioYA2uEnjb4MYgqdNhy31t4heemxe8aSrWWgCTMYH1n5TSfcSusqXVMzvl\" style=\"\">Development Road Conference<\/a><\/span><span style=\"\"> in Baghdad this weekend, according to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ina.iq\/eng\/26712-pm-the-development-road-is-a-promising-opportunity-for-a-convergence-of-interests-history-and-cultures.html\" style=\"\">Iraqi News Agency<\/a><\/span><span style=\"font-weight:400;\">. By significantly reducing travel time between Asia and Europe, this project aims to compete with Egypt\u2019s Suez Canal and to revitalize the country's economy following years of war and crisis. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The details: <\/span><span style=\"\">The project will involve <\/span><span>high-speed trains that can transport goods and passengers at speeds of up to 300 km per hour, while the road network is anticipated to facilitate the transportation of some 5-6 mn containers and mns of passengers annually, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-05-27\/iraq-offers-region-multi-billion-project-for-europe-asia-link\" style=\"\">Bloomberg<\/a><\/span><span style=\"font-weight:400;\"> reports. This plan also includes establishing connections to local industrial hubs and incorporating an energy component that may involve oil and gas pipelines, according to Reuters.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The t<\/span><span style=\"font-weight:700\">imeline<\/span><span style=\"font-weight:700\">: <\/span><span>The project will be completed in three stages, with the first stage slated for completion in 2028, the second in 2038, and the third in 2050, according to <\/span><span>Bloomberg<\/span><span style=\"font-weight:400;\">. The project could after 2028 be expanded to become a \u201cnew window for exporting gas and crude oil from Iraq and neighboring countries to Turkey and Europe to meet future energy consumption requirements,\u201d government spokesperson Basim Al Awadi told reporters, according to the business information service.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Iraq aims to secure financing from neighboring countries for the project<\/span><span>, which is expected to generate around USD 6 bn in annual revenue, Al Awadi said. Some USD 10.5 bn will be allocated towards the construction of 1.2k km of rail infrastructure and the procurement of new trains. The remaining USD 6.5 bn will be allocated for 1.2 km of highways, according to <\/span><span style=\"\">Bloomberg<\/span><span>. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The Grand Faw port is crucial to the project: <\/span><span>The government plans to make the first phase of the port \u2014 which was planned over 10 years ago \u2014 operational by mid-2025, Iraqi Transport Minister Razzak Al Saadawi said at the presser announcing the project (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fb.watch\/kPaSymnuwO\/\" style=\"\">watch, runtime: 00:52<\/a><\/span><span>). The <\/span><span>port<\/span><span> is currently halfway finished, Director General of the General Company for Ports of Iraq <\/span><span>Farhan al Fartousi said, according to Reuters.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The project represents a major shift from Iraq\u2019s current outdated transportation system: <\/span><span style=\"font-weight:400;\">Iraq\u2019s train service currently has only a few operational routes, including \u201cslow oil freight\u201d and one overnight passenger train that makes the 500 km journey from Baghdad to Basra in 10 to 12 hours, Reuters writes. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next: <\/span><span style=\"\">\u201cIn the next stage, the GCC will study the mechanism of benefiting from this project,\u201d the Undersecretary of Qatar\u2019s Transport Ministry Hamad Issa said, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ina.iq\/eng\/26712-pm-the-development-road-is-a-promising-opportunity-for-a-convergence-of-interests-history-and-cultures.html\" style=\"\">INA<\/a><\/span><span style=\"font-weight:400;\">reports. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The project could rival Egypt\u2019s Suez Canal and become a vital global oil and gas artery<\/p>\n","protected":false},"author":1,"featured_media":71066,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[136],"tags":[17,35,134,121,135,51],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-71065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-projects","tag-enterprise-logistics","tag-iraq","tag-projects","tag-rail","tag-roads","tag-transport","wpautop","entry"],"acf":{"mongo_id":"d3321249-4ced-4ad8-83de-b39732be3c6b","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1521.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Iraq unveils ambitious USD 17 bn road and rail initiative to connect Asia and Europe","related_issue":[71060],"teaser":"The project could rival Egypt\u2019s Suez Canal and become a vital global oil and gas artery","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.8d36613f-950b-47db-9423-badd9e05cf5f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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