PSA signs 40-year Gwadar concession
Pakistan's Gwadar Port Authority has awarded a 40-year concession to PSA Gwadar Ltd., a subsidiary of Singapore's global terminal operator PSA International, to operate a new multipurpose and container terminal located in the country's western province of Balochistan.
Under the agreement, PSA will be exempted from corporate tax for the duration of the concession, and is expected to invest at least $500 million in the first decade of the project.
Pakistani company Aqeel Karim Dhedhi Group will be PSA Gwadar's local partner in the port investment.
'Gwadar is well located to contribute to Pakistan's economic growth and to facilitate the flow of sea-trade for Pakistan and land-locked Central Asia,' said Eddie Teh, PSA's group chief executive officer. 'The current trend towards larger mega ships is especially significant to Gwadar as shipping lines look for deeper harbors from which to hub and feed. PSA will work to link Gwadar to its network of deep sea ports.'