According to sources, 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, a QICT official told Business Recorder on Friday. 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.
The QICT official said the terminal would have a 13.5-meters draft and would have the capability to accommodate the mother vessels. However, a PQA official confirming visit of mother vessels to the new terminal, said the draft issue would be decided by the authority after undertaking capital dredging.
He recalled that a five-member delegation had visited Dubai sometimes in the second quarter of 2006 to negotiate the Rs 10 billion project with DP World. The two sides after discussing all modalities had singed an agreement in August 2006 in Islamabad.