KARACHI, Dec 11: The Port Qasim Authority on Saturday signed an agreement with Felda Holdings, a Malaysian company, for establishing a liquid cargo terminal at Gharo Creek. The terminal will have a designed capacity of handling four million tons of liquid cargo annually.

The signing ceremony was held at Pakistan National Shipping Corporation (PNSC) Building here in the presence of Federal Minister for Ports and Shipping, Senator Babar Khan Ghauri.

The agreement was signed by PQA Chairman Rear Admiral Saleem Minai and Basheer Jan Mohammad on behalf of the Felda Holdings, its local partner. Special Adviser of the Malaysian firm, Datuk Abdullah Yusoff, was also present on the occasion.

The minister speaking on the occasion said this joint venture would result in a total investment to the tune of Rs680 million.

He also shed light on the increasing activities at the Port Qasim.

He said the government was offering incentives to the private sector to come up with investments which would generate employment and added that this project would create 200 jobs for youths.

Mr Ghauri said the work on this project would commence soon.

He said a Singaporean firm was also coming up with a project that pertains to an edible oil refinery.

He pointed out that the ground breaking ceremony in this regard would be held next month and that this $100 million project would create 450 new jobs.-APP