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Pak's Gwadar port leased to Chinese company for 40 years

Press Trust of India  |  Islamabad 

A state-run Chinese company will handle the operations of Pakistan's strategic Gwadar port for a period of 40 years, the said today.

Minister for Ports and Shipping Mir Hasil Khan Bizenjo said the Overseas Port Holding Company (COPHC) would carry out all the development work on the port on the Arabian Sea.

The COPHC has 91 per cent share of collection from gross of terminal and marine operations and 85 per cent share from gross of free zone operation, he was quoted as saying by The Nation.

The provinces have no share in collection as per the constitution.

Gwadar forms the southern hub of a USD 57 billion China-Economic Corridor (CPEC) of infrastructure and energy projects announced in 2014.

Last year, welcomed the first large shipment of Chinese goods at Gwadar, where the COPHC took over operations in 2013. It plans to eventually handle 300 million to 400 million tonnes of cargo a year.

It also aims to develop seafood processing plants in a nearby zone sprawled over 2,281 acres.

The route through Gwadar offers its shortest path to the oil-rich Middle East, Africa, and most of the Western hemisphere, besides promising to open up remote, landlocked Xinjiang.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 20 2017. 20:42 IST