An international consortium is ready to sign an agreement to build an $80 million container terminal in Karachi, according to one of the partners, American President Line of the US. The consortium will also include International Container Terminal Service of the Philippines. It will build the terminal on a build-operate-transfer (BOT) basis. Karachi Port Trust is currently evaluating the proposal.
On completion the terminal will be able to handle 450,000 20-foot equivalent units (TEUs) a year. The first stage, to be completed in 18 months, will handle 300,000 TEUs a year.
The consortium will issue a performance bond of $1 million when it signs the agreement to build the port. It will set up a listed company, which is likely to be called Karachi International Container Terminals.