Chinese firm takes control of Gwadar Port free-trade zone in Pakistan

Gulf gateway key to plans to ship oil overland to inland provinces

By Summer Zhen

A Chinese firm officially took control of Pakistan’s Gwadar Port free-trade zone on Wednesday, further cementing its role in the Gwader area, a gateway to oil-exporting Gulf countries, and analysts see the deal as a chance for China to change the oil import game.

Under the agreement, state-backed Chinese Overseas Ports will manage the free-trade zone on a 43-year lease. The formal handover signals the Chinese side’s control of all the port’s business affairs.

Gwadar port is a deep sea port that sits next to the Strait of Hormuz, the key oil route in and out of the Persian Gulf and it lies only 120km from the Iranian border.

As part of the China-Pakistan Economic Corridor scheme, China plans to make Gwadar a transportation hub by building a 3,000km railway linking Xinjiang, in western China, with Gwadar.

Read more » South China Morning Post
See more » http://www.scmp.com/business/companies/article/1877882/chinese-firm-takes-control-gwadar-port-free-trade-zone-pakistan

Advertisements

By using this service you agree not to post material that is obscene, harassing, defamatory, or otherwise objectionable. Although IAOJ does not monitor comments posted to this site (and has no obligation to), it reserves the right to delete, edit, or move any material that it deems to be in violation of this rule.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s