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HPH beats off competition for Pakistan concession
14 Dec 2007
Hutchison Port Holdings (HPH) has emerged as the winner for a concession in the first phase of the Pakistan Deep Water Container Port.
Pakistan President General Pervez Musharraf presided over the concession-signing ceremony
There was some dispute over the bidding process as concerns were raised that multiple bids had been entered, which the Ministry of Finance vowed to nullify if that proved to be the case.
However, HPH has emerged victorious and has
now signed an agreement with Karachi Port Trust to build the new container
terminal in Keamari Groyne.
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.
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