The Ministry of Ports and Shipping's proposal for establishment of coal and clinker/cement terminal at Port Qasim at a cost of $173 million is ready for approval of the Economic Co-ordination Committee (ECC) of the cabinet, official sources told Business Recorder.
The source said that a proposal for establishment of coal and clinker/cement terminal at Port Qasim on Built-Own and Transfer (BOT) basis was placed before the ECC during its meeting held on June 29, 2010. The ECC directed that: (a) proposed agreement may be vetted by the Ministry of Law and thereafter re-drafted and the summary along with vetted agreement by Law Division be submitted to the ECC for consideration; (ii) in future, cases where no GoP funds (from PSDP) or government guarantees are required should not be referred to the ECC and should be considered/ approved by the Board of Directors of PQA/ KPT.
Ministry of Law and Parliamentary Affairs has vetted and cleared the Implementation Agreement (IA) along with its schedules from legal point of view. Ministry of Ports and Shipping has also consulted the concerned Ministries/ Divisions in this regard. "ECC has been solicited to the investment proposal of $173 million for establishment of coal and clinker/cement terminal at Port Qasim and signing of the IA, with the successful bidder (M/s PICIT) on BOT basis wherein GoP funds (from PSDP) or government guarantees are involved," the sources added.
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