KARACHI: China to build biggest shipping terminal at the Karachi Port Trust (KPT) as part of China Pakistan Economic Corridor (CPEC).
According to the source, Hutchison Port Holdings Limited, owned by Hong Kong-based billionaire Li Ka-Shing, is all set to start work on Pakistan’s biggest Shipping Terminal to enhance the capacity and capability of the Karachi port.
With the completion of Pakistan Deep-Water Container Port (PDWCP) Phase I the Karachi Port Trust (KPT) will acquire the capacity to handle the new generation of container ships on its drawing boards, added sources.
After an exhaustive exercise of evaluation of the most competitive bid, M/s Hutchison Port Holdings Limited (HPH) of Hong Kong was awarded the contract and it is the world’s largest container terminal operator that operates 257 berths in 45 ports in 23 countries along with a number of transportation related service companies.
According to the company’s agreement with the Karachi Port Trust, terminal operations in Pakistan will begin before the end of the year. This investment by a Chinese company is part of the $46 billion investment under China Pakistan Economic Corridor (CPEC).
The lease of the terminal will be for an initial period of 25 years extendable for another 25 years, on mutually agreed terms and conditions. M/s. Hutchison Port Holdings Limited (HPH) Hong Kong will be required to develop the site into a full-fledged state of the art Container Terminal capable of receiving and handling Super Post Panamax Container Ships.
Terminal capacity will be 3.1 million Twenty-Foot Equivalent Units (TEUs) and the Concession Agreement was signed by the company in November 2007. Karachi Port Trust will now be able to dock mega-ships after the completion of one of the biggest shipping terminal projects.
