Dubai Ports World building Rs 10 billion container terminal at PQ

The Dubai Ports (DP) World is constructing a new container terminal with a draft capacity to accommodate mother ships at Port Qasim at an estimated cost of 10 billion rupees. A portion of the terminal would be financed by a banking syndicate under the Islamic finance facility.
The international port developer was building the "QICT-II" next to Qasim International Container Terminal (QICT) under an agreement it had signed with the Port Qasim Authority in 2006.
On May 15, a tripartite banking syndicate comprising National Bank of Pakistan, Dubai Islamic Bank Pakistan Limited and Standard Chartered Bank Pakistan Limited inked a deal with the QICT, a company of DP World, for Rs 5 billion Musharika finance facility to expand its infrastructure.
DP World has started work on the project, which would be completed in three phases with the first phase to be completed by 2010.
He said the new terminal, which would be made operational by the end of the first phase in 2010, would have a capacity to handle around 0.3 million TEUs.
Currently, the cargo handling capacity of the QICT stands at 0.8 million TEUs, while total number of containers handled in the country stands at 1.8 million TEUs.
The official said the terminal would be developed on built-operate-and-transfer (BOT) basis with a 21-year transfer period adding that the second phase of construction would be completed by 2013.
Source: http://www.brecorder.com/index.php?id=739576&currPageNo=1&query=&search=&term=&supDate=