Karachi, Sindh Food Department and Fauji Akber Portia Marine Terminals Ltd have joined hands for cooperation regarding establishment of Strategic Storage Facilities of 150,000 tons of wheat/grains exclusively for provincial government or its nominee at South Western Industrial Zone of Port Qasim.
According to Memorandum of Understanding signed on Monday, Project Company will make an investment of up to US$ 100 million including a Foreign Direct Investment (FDI) component from potential Chinese investors for establishment of strategic storage facilities.
The MoU in this regard was signed by Aftab Ahmed Memon, Secretary Food Department and Ahmed K. Rana (Chief Executive Officer, Fauji Akber Portia Marine Terminals Ltd at SBI office. Minister Finance, Chairman Sindh Board of Investment and Secretary Finance were also present on the occasion.
Speaking on the occasion, Minister Finance Syed Murad Ali Shah said that Government of Sindh has already initiated establishment of Modern Grain Storage Facility under PPP mode. The current environmental challenges especially in the wake of recent devastating floods in Pakistan have made the construction of modern grain storage facility indispensable to cater to the fluctuating demands of grain. At present Province of Sindh alone is facing storage shortage of minimum 4.0 Million metric tons. The said dedicated facility will immediately enhance capacity to store grain through modern methods.
Ahmed K. Rana, Chief Executive Officer, Fauji Akbar Portia Marine Terminals Ltd. said that company has already established an Exclusive Dry Cargo Terminal at Port Qasim, Pakistan with a cost of USD 135 million which has the maximum design capacity of 2.5 Million tons and storage capacity of 125,000 tons (grains). The facility is fully operational since December 2010.