Pakistan, during meetings between the two countries next month, will offer to Saudi Arabia the use of the Gwadar deep-sea port as energy corridor, official sources told Business Recorder here on Saturday.
They said that the first phase of the deep-sea port has almost been completed, at a cost of Rs 15 billion, and it would become operational in about two months' time.
They said that with the functioning of Gwadar port, Pakistan would become a hub of trade in the Gulf region and would serve as an energy corridor for Central Asia, Middle East, South Asia and western parts of China.
Gwadar is located at the entrance of Persian Gulf, from where 40 percent oil containers pass. "Negotiations with various private parties are underway for handing over operational rights of the port," sources said. Besides, the geo-strategic importance, some of the evident economic benefits of the development of Gwadar port are as follows:
To grab trade opportunities with landlocked Central Asian States and Afghanistan. Promote trade and transport with Gulf States. Trans-shipment essentially of containerised cargo. Unlock the development potential of hinterland. Diversion of influx of human resources from upcountry to Gwadar instead of Karachi. Socio-economic uplift of the province of Balochistan. Establishment of shipping related industries. Oil storage, refinery and petrochemicals. Export Processing and Industrial Zones. Reduce congestion & dependency on existing Ports Complex at Karachi/PQA. Serve as an alternative port to handle Pakistan's trade in case of blockade of existing ports. Will become a regional hub of major trade and commercial activities.