Economic activity in Gwadar increases as port generates PKR 358 million
Category : Latest News Source : Business Recorder Date : 22-03-2019
The Gwadar Port, the hub of the China-Pakistan Economic Corridor (CPEC), has generated PKR 358 million in the last three years, generating significant economic activity in a city which was once just a small fishing town. The port is a joint venture between the China Overseas Port Holding Company (COPHC) and the Gwadar Port Authority (GPA). Since the port operations and investment fall under the COPHC, a major chunk of revenue goes to them. However, port concession agreement principles are the same all around the world.
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ISLAMABAD: Gwadar Port has generated Rs358.151million revenue during last three years of which Rs32.324 million were given to Gwadar Port Authority (GPA) as per its approved share.
As per details revenue share, distribution ratio or percentage between port operator (China Overseas Ports Holding Company Ltd) and Gwadar Port Authority are 91per cent and 9 to 15 percent respectively.
A data issued by Ministry of Maritime Affairs on Thursday revealed that the share of China Overseas Ports Holding in Gwadar International Terminal and Gwadar Marine Services is 91 percent while Gwadar Port Authority share is 9 percent.
Gwadar Port Authority share in Gwadar Free Zone is 15 percent while rest of the 85 percent shares is held by China Overseas Ports Holding Company.
The data further revealed that the port concession agreements all around the world determine revenue sharing between port authorities and port operations and same principle applies in Gwadar Port Concession Agreement.
