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