DP World in talks on Pakistan port contract

Dubai: DP World, the world's third largest container port operator and a unit of holding company Dubai World, said on Sunday it was discussing with the Pakistani government the terms of reference for taking over the strategic Arabian Sea port of Gwadar.

"We have been confirmed as the preferred bidder by the Gwadar Port Implementation Authority. We are currently in discussions to finalise the terms of reference for the concession," a company spokesperson told Gulf News.

A Pakistani official earlier said that operational management at the deep-sea port, built with Chin-ese assistance and located about 120 kilometres from the Iranian border, has been given to the Dubai firm.

Balochistan Chief Minister Jam Mohammad Yousaf on Saturday also said five border points have been opened with Iran to promote trade via Gwadar port, according to an agency report.

DP World emerged as the favourite for operating Gwadar after the world's number one port management firm Hutchison Port Holdings of Hong Kong withdrew a bid for the facility.