Britain's Portia Management Services (PMS) has taken a 45% stake in a joint venture that will build Pakistan's first grain and fertiliser terminal at Port Qasim at a cost of US$78M. Pakistan's army-run Fauji Foundation has taken a 50% stake in the terminal and Akbar Group, a major exporter of agriculture, fishery, livestock products and foodstuffs, has taken 5%. A Port Qasim Authority (PQA) official said construction work will begin in March next year. The terminal will be a build-operate-transfer (BOT) project and its assets will be transferred to PQA at the end of the 30-year concession period. The terminal will not only reduce freight charges but also help facilitate the storage, export and import of grain at Port Qasim, the official said.
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