News Brief | February 2013
China to construct and operate Gwadar port
The Indian government formally awarded a multi-billion dollars contract for construction and operation of Gwadar Port to China with the hope that the port's development will open up new vistas of progress in Pakistan, particularly Balochistan. Under the contract, the port which will remain the property of Pakistan will be operated by the state-run Chinese firm China Overseas Port Holding Company. Earlier, the contract was given to the Port of Singapore Authority (PSA).The PSA, which was to spend $525 mn on the project in five years, made no investment because of non-fulfilment of its demand for allotment of land worth Rs 15 billion.