ISLAMABAD, March 9: The government is negotiating a joint venture with construction firms of Malaysia and Qatar to build a 1,500-foot-high building in Karachi.

After completion, it would rank among the 10 tallest buildings of the world. Information placed before the National Assembly on Wednesday showed that the project of a Port Tower Complex in Karachi would cost Rs40 billion.

The government, in response to a question by MNA Yasmeen Rehman, informed the house that the agreement was under finalization with M/s City Trading and Contracting of Qatar in association with M/s IJM Corporation Berhad of Malaysia.

In reply to a question by MNA Ijaz Chaudhry, Minister for Sports and Shipping Babar Khan Ghouri said the government initially wanted to give the contract on build-operate-and-transfer basis (BOT), but no one took interest.

When it had changed the terms of reference to a joint venture, six parties showed interest in the project. The government would provide land for the building while the joint venture would bear the construction costs, said the minister.

Islamabad-Peshawar Motorway: In reply to a question by MNA Mian Muhammad Aslam, the ministry of communications informed the house that the cost of Islamabad-Peshawar Motorway project had increased by Rs14.302 billion due to a 12-year delay.

The record placed before the house showed the initial estimated cost of M-1, Islamabad-Peshawar Motorway, Rs16.82 billion in 1993. However, it is now expected to be completed at a cost of Rs31.122 billion. The government has paid Rs1.7402 billion to the people whose land was acquired for construction of the motorway M-1.

Govt oil income: In reply to a question by MNA Sabir Hussain Awan, the minister concerned informed the house that the government had earned Rs3020.6 million annually in the form of corporate taxes from six oil companies, during 2003-04.

The record placed before the house showed that government's income in the form of corporate taxes from six oil companies was less than the profits earned by the Pakistan State Oil (PSO).

Answering a question by MNA Muhammad Laeeque Khan, who sought details of the overall profit earned by the PSO until June 30, 2004, the house was informed that the PSO had earned an after-tax profit of Rs4211.861 million. The pre-tax profit of the PSO was Rs6095.38 million, the record placed before the house showed.

Bustard hunted: In reply to a question by MNA MP Bhandara, the government accepted before the house that it had given permission to 34 foreign guests to hunt the endangered species of Bustard in the past two years. The figures provided by the government showed that a minimum of 7,000 birds had been hunted by the 'foreign guests', mostly the Arab Sheikhs.