Pakistan’s only deep water port capable of berthing world's largest container vessel enters $1.6 billion expansion phase
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KARACHI:
Pakistan’s only deep water port capable of berthing world's largest container vessel enters $1.6 billion expansion phase.
Hutchison Ports Pakistan, the country’s first and only deep-water port capable of berthing the world’s largest container vessel, has entered into its second phase of expansion.
“The expansion will enhance the installed capacity to handle 3.4 million containers of 20-foot length each by the end of 2020 compared to 1.5 million TEUs (twenty-foot equivalent units) at present,” General Manager and Head of Business Unit Captain Syed Rashid Jamil said while briefing a group of journalists at the expansion site on Monday.
A four-lane railway cargo track of around 4-5 kilometres inside the port facility, coupled with an increase in installed capacity of power production are also included in the second phase expansion plan.
The deep-water port is located at the Karachi Port Trust (KPT). It is a subsidiary of Hutchison Port Holdings of Hong Kong which enjoys 90% shareholding. KPT is a partner in the project. Some local transport and logistics firms have the rest 10% shareholding in the port. The port began commercial operations in February 2017.
Total cost of the project would be $1.4 billion, which includes KPT’s share of $800 million and Hutchison Ports Pakistan’s (HPP) contribution over $600 million.
So far, HPP has spent $450-500 million. “Estimates suggest that it would be spending close to $750-800 million by the time the second phase gets completed,” stated reliable sources.
