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November 9, 2007

$1bn deep water port agreement signed


November 9, 2007

ISLAMABAD: The Karachi Port Trust (KPT) has inked an agreement with Hutchison Port Holdings Ltd to set up a new harbour enclave “Pakistan Deep Water Container Port” (PDWCP) east Keamari Groyne. The agreement, signed at the President’s Secretariat, Islamabad, is aimed at meeting Pakistan’s rapid container growth and to enter the regional trans-shipment market.

The PDWCP project is estimated to cost US$1 billion, out of which $457 million will be foreign direct investment (FDI) and the remaining to be invested by the KPT, says a news statement issued on Thursday. Secretary, Investment Division/BOI, Mushtaq Malik said that despite security concerns and media propaganda against Pakistan, investment continues to surge in, which reflects confidence of global investors in the current government’s policies.

Speaking on the occasion, President General Pervez Musharraf said the construction of one billion dollar Deep Sea Container Terminal at Karachi would turn the country into a major trans-shipment hub for regional countries, further bolstering Pakistan’s trade and commerce.

Chairman KPT Vice Admiral Ahmad Hayat, while giving an overview of the project assured a minimum royalty payment of one point $1 billion to the KPT over a 25 year concession period. He said 10 berths will be spread over an area of five kilometres and the first vessel is expected to sail into the new terminal by 2010.

Hutchison Port Holdings Ltd is a renowned Hong Kong based company and intends to develop the site into a full-fledged state-of-the-art container terminal and build 850 square metre backup area into a high throughput terminal. While highlighting post-development advantages of the Port, BOI secretary further said that so far only two terminals (KICT and PICT) have been setup in the private sector on BOT basis, and the new terminal will be capable of receiving and handling Super Post Panemax Container Ships and will also have both road and rail


This will transform Karachi Port into a trans-ship hub of the region, thereby substantially reducing the cost of trade and total expected income would be over $3.5 billion, over the next twenty years, the secretary elaborated.

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