Pakistan Gwandar port deal sours, PSA risks big loss

FAILURE to hand over a free zone area to the operator of Pakistan's Gwadar Port, for construction of warehousing facilities, threatens to turn the entire port into a white elephant with both the government and PSA of Singapore losing millions, according to the Business Recorder.

Under the terms of the concession agreement with PSA, three companies were assigned to undertake port operations, marine services and a free zone for warehousing and developing a duty-free industrial zone, the report said.

(Source: www.Schednet.net)