ISLAMABAD, Oct 8: Prime Minister Shaukat Aziz reviewed the revival and restructuring plan of Karachi Shipyard and Engineering Works (KS&EW) in a meeting held here on Friday.

According to a press release, the prime minister was presiding over the KS&EW revival committee meeting. Defence Minister Rao Sikandar Iqbal, Privatization and investment Minister Dr Hafeez Shaikh, the Chief of Naval Staff and other members of the committee participated in the meeting.

The prime minister said KS&EW was a very vital outfit for the shipbuilding and their maintenance apart from catering to the strategic needs of the Pakistan Navy. He said that shipyard in its present condition was under financial liability, which was hampering its optimum efficiency, and it needed to be revitalized on urgent basis.

Mr Aziz directed the committee to prepare three or four options for transforming it into a financial viable entity. He also directed the committee to look for the aspects of its converting into a defence industry or placing it under the private sector as status quo was affecting its productivity.

The prime minister said that there was a need to upgrade the present shipyard so that it could cater to the maintenance and repair needs of the Pakistan Navy.

The commercial window of the shipyard must be made more effective and productive to comply with the needs of the Maritime Security Agency, PNSC, KPT, sugar mills and foundries. Committee Chairman Vice-Admiral Farooq briefed the participants about the revival plan of KS&EW.