Chinese firm would carry out all development work 40-year
The Government of Pakistan has signed an agreement to lease out Gwadar Port operations to Chinese company 40-year duration.
Federal Minister for Ports and Shipping Mir Hasil Khan Bizenjo briefed the Senate members that Pakistan had signed a 40-year agreement with China for the operation of Gwadar port.
During the ongoing senate session, Ports and Shipping minister said under the agreement, the Chinese company would carry out all development work on the port for 40 years.
“China Overseas Port Holding Company (COPHC) has 91 per cent share of revenue collection from gross revenue of terminal and marine operations and 85 per cent share from gross revenue of free zone operation,” the minister said while answering a question in Question-Hour session in Senate.
Mr. Hasil Khan Bizenjo said that there is no share of provincial government in revenue collection as per the constitution.
Gwadar forms the southern Pakistan hub of a $57-billion China-Pakistan Economic Corridor (CPEC) of infrastructure and energy projects Beijing announced in 2014. The port became officially operational from November 14, 2016.
Gwadar is the starting point and the port of origin of the $57 billion China-Pakistan Economic Corridor (CPEC) infrastructure and energy projects.
The CPEC route passing through Gwadar is shortest path for China to the oil-rich Middle East, Africa, and most of the Western hemisphere, besides promising to open up remote, landlocked Xinjiang.
CPEC is a 3,000 kilometers linkage of roads, railways and oil and gas pipelines from Pakistan’s Gwadar port to China’s Kashgar city in north-western Xinjiang Uygur autonomous region.