Pakistan International Container Terminal Limited (Pict) has been selected to receive the prestigious award--Middle East and India Subcontinent Award--in the category of 'best container terminal operator' by world's shipping Icon publication, Daily 'Lloyd's List of United Kingdom' (UK).
According to a statement issued here on Wednesday, the 2006 Middle East and Indian Subcontinent Awards are being given to companies and individuals for outstanding performance as well as contribution to maritime industry.
The award giving ceremony will be held in Dubai on November 8.
Pict has been chosen out of three container operators including Aqaba Container Terminal and Dubai Port World.
Earlier, this year Pict earned the distinction of being awarded the Gold Medal from the President of Pakistan for 'Businessman of the Year Award'.
The Pict is located at the East Wharf, Karachi Port. It operates under a 21-year concession from Karachi Port and is a successful model of public-private partnership between Karachi Port and private sector enterprise, which operates the container terminal on 'build, operate and transfer' (BOT) basis. Pict completed its Phase I and development in March 2004 and has been almost doubling its container handling volume every year.
The containers handling touched almost 300,000 TEUs (Twenty Equivalent Units) this year, and reached maximum capacity in just two years.
The Pict has undertaken Phase II and Phase III Expansion plans five years before the scheduled time period. The terminal completed Phase II expansion in June 2006, and installed all Phase III equipment in October this year.
The Pict is the only container terminal in the country to be fully owned by Pakistanis and is also the only container facility (terminal) to be listed on Karachi Stock Exchange. It also has the distinction of being financed by International Finance Corporation and is also the first Pakistani private sector project to be financed by Opec Fund for International Development. Total cost of three Development Phases of Pict is $75 million.
Captain Haleem A Siddiqui, Chairman of Pict will receive the award in Dubai at the award distribution ceremony.-PR
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