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According to AD Ports, according to the agreement, AD Ports Group, as the majority shareholder, established a joint venture company with Kahleel Terminals, an American company, to be responsible for the operation and development of KGTL No. 6-9 berths at the Karachi Port East Terminal.
Updated June 24, 2023 | 10:05 AM (ST)
There will be a major investment of $220 million in infrastructure and superstructure (Photo: Pixabay)
According to AD Ports, according to the agreement, AD Ports Group, as the majority shareholder, established a joint venture company with Kahleel Terminals, an American company, to be responsible for the operation and development of KGTL No. 6-9 berths at the Karachi Port East Terminal.
The joint venture will make a major investment of $220 million in infrastructure and superstructure over the next 10 years, most of which will be completed by 2026. These include deepening the berths, extending the quay walls and adding container storage areas, IANS reported, citing La Stampa.
As a result, the terminal will be able to handle post-Panamax vessels of up to 8,500 TEU (20-foot equivalent units), increasing container capacity from 750,000 TEU to 1 million TEU per year. The expansion and enhancement will further strengthen the position of the terminal and Karachi as a major player in the maritime industry.
Historically, the terminal has generated about $55 million in annual revenue and about $30 million in EBIDTA, IANS reported, citing The Press.
The meeting took place on the sidelines of the Paris Global Financing Summit, a week before the IMF Extended Fund Facility (EFF) agreed for 2019 is due to expire on June 30.
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