Port of Singapore Authority (PSA) and its partners, Aqeel Kareem Dedhi (AKD) Group of Karachi and the National Logistic Cell (NCL), are ready to sell their share of Gwadar Port to China Harbour Engineering Co Ltd (CHEC).
According to atimes.com, CHEC will take over the Pakistan’s port after Singapore decided to pull out of a 40-year port management and development contract signed in 2007.
Babar Khan Ghauri, the Ports and Shipping Minister, said: “The denial of land at Gwadar Port forced PSA to leave the port, which will be taken over by a Chinese company.”
Gwadar Port was built with Chinese assistance of more than $220 million.
Atimes.com reports that after taking control, CHEC will simultaneously become the builder and operator of the Gwadar Port.
Dredging Today Staff, September 4, 2012