Hutchison signs $1 billion investment agreement with KPT
With the state of emergency in effect and the ensuing politics, protests and activism taking over the major share of news mediums, the news of Hutchison Port Holdings Limited (HPH) signing a billion dollar deal with Karachi Port Trust almost slipped our attention. And it seems that it actually has slipped Geo TV’s attention since their international transmission has not reported it yet.
The investment has been made in the Pakistan Deep Water Container Port Project (PDWCP). Karachi New Port Container Terminals, the newly established joint-venture company, will build and manage the new container-handling facility over a concession period of 25 years, extendible for another 25 years. The new terminal is expected to be operational in 2011. 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 up to 18 metres.
Hutchison Port Holdings (HPH), is a subsidiary of the multinational conglomerate Hutchison Whampoa Limited (HWL), is the world’s leading port investor, developer and operator with interests in a total of 262 berths in 46 ports, spanning 23 countries throughout Asia, the Middle East, Africa, Europe and the Americas.
Source: News release