Government, PSA To Scrap US$750mn Deal


News: The government of Pakistan and Singapore's PSA International, formerly known as Port of Singapore Authority, are carrying out discussions to scrap a US$750mn deal, which is regarding operating the Pakistani Gwadar Port, reports the Express Tribune. The deal has faced difficulties mainly due to two primary reasons. Firstly, the safety situation in Balochistan obstructed PSA from making investment in the development of the port and off-shore infrastructure. Secondly, the Supreme Court issued a stay order against the allocation of Gwadar land to a foreign firm. The stay order was issued in December 2010 on appeal filed by some individuals, including the Balochistan governor. Although the stay order has been issued for more than a year and a half, the apex court is yet to issue a ruling on the matter.

This article is tagged to:
Sector: Freight Transport, Shipping
Geography: Pakistan, Pakistan, Pakistan, Pakistan