Hutchison Port Holdings (HPH), the Hong Kong global port investor, developer and terminal operator, has announced that it has signed an agreement with Karachi Port Trust to build and operate a new container terminal in Keamari Groyne.
The new terminal will be the first phase of the latest Pakistan Deep Water Container Port in Karachi, said an HPH statement. HPH was chosen as the winning bidder for the project last month. The signing ceremony was presided over by Pakistan President Pervez Musharraf.
Karachi New Port Container Terminals, a new joint-venture company, will build and manage the facility over a concession period of 25 years, extendible for another 25. The new terminal is expected to be operational in 2011.
"Pakistan has grown over the past five years, achieving solid GDP growth and double-digit cargo volume increase. This is expected to continue due to a strong economy that has enhanced the country's trade and resulted in the steady growth of cargo movement in Karachi," said HPH managing director John Meredith.
"Through the development of Karachi New Port Container Terminals, HPH will strengthen its services to global carriers and shippers with the capability of handling the largest containerships afloat while ensuring the port's premier status within Pakistan," Mr Meredith said.
Said Karachi Port Trust chairman Ahmad Hayat: "We are glad that HPH is partnering with us in this mega project and have full confidence that HPH, being a major terminal operator in the world, would ensure its success."
Upon completion, Karachi New Port Container Terminals will have four berths with a total quay length of 1,500 metres, a yard area of 85 hectares and depths alongside of 18 metres.
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