The agreement for handing over the operations of deep sea Gwadar harbour to China Overseas Port Holding Authority (COPHA) will be ratified on February 18 (tomorrow).
According to media reports, the accord signing ceremony will be held at the Presidency.
Sources said that the transition of the control from the Port of Singapore Authority International (PSA) to COPHA would complete in a week after the pact was inked.
On a side note it was also revealed that the terms and conditions of the deal remain unchanged.
Gwadar Port is a warm-water, deep-sea port situated at Arabian Sea in Gwadar in Balochistan province of Pakistan. It is located at the apex of Arabian Sea and at the mouth of the Persian Gulf, approximately 460km west of Karachi, 75km east of Pakistan’s border with Iran and 380km northeast of the nearest point in Oman across Arabian Sea. It is situated at the eastern bay of a natural hammerhead-shaped peninsula protruding into Arabian Sea from the coastline.
The harbour is owned by the state-run Gwadar Port Authority and operated by PSA (2007-2012). Following the completion of Phase I, the government on February 1, 2007 signed a 40-year agreement with PSA for the development and operation of the tax-free port and duty-free trade zone. The PSA was the highest bidder for the Gwadar Port after DP World backed out of the bidding process.