KARACHI: The signing ceremony of Implementation Agreement (IA) for $173 million project of Pakistan International Bulk Terminal (PIBT) at Port Qasim held on Saturday at a local hotel. The proposed terminal would be Pakistan’s first ever mechanized and fully automated environment friendly coal, cement and clinker terminal being constructed at Port Qasim on a thirty year build, operate and transfer basis. In presence of former Federal Minister, Captain Haleem Siddiqui – Chairman of Marine Group of Companies, the IA for the terminal operating company, PIBT was signed by Chairman Port Qasim Authority, Vice Admiral, Muhammad Shafi (HI) and Chief Executive Officer of PIBT, Shariq A Siddiqui. Addressing on the occasion the PQA chief said that this project was conceived long ago but the Marine Group Companies has made it a reality. He said that this project would be totally a local investment. He informed that the Port Qasim is developing very fast and due to a big industrial area and LNG terminal in its surrounding has made it a very attractive place for investment. The Chairman, Marine Group and PICT, Capt Haleem in his address announced that the fully automated and mechanized terminal for bulk cargo at Port Qasim would be a pride not for his company only but for the whole nation. He disclosed that his company Pakistan International Container Terminal (PICT) has been selected as one of three best containers terminals in the region by Lloyds. He further aid that PICT has acquired latest software – Navis and its software team has been declared number one also. He further stated that PICT is one of the best container terminals in the world and could be compared with any terminal on international level. He said that PIBT is the largest investment by private sector at Port Qasim so far. He said that the expression of interest was invited by the Port Qasim Authority from foreign and national firms, six firms were pre-qualified for the project but Marine Group’s bid has been declared best financially and technically. As per the requirements pf PQA, a separate terminal Operating company – PIBT has been incorporate to carry on the project, which is a wholly owned subsidiary of PICT. PIBT would be the Pakistan’s first dedicated dirty bulk cargo handling facility which would be constructed with a total cost of $173 million and come into operation within three years with an initial cost of $140 million. PIBT would be capable of handling 8 million tones per annum of coal, cement and clinker. The jetty shall have a depth of 15 meters with a capability of handling large ships of up to 75,000 DWT. The length of the jetty would be around 460 meters which will be connected to the back-up area of 25 hectares with a 2.5 km long trestle. The terminal is planned to have a dedicated storage of for each type of cargo. PIBT is expected to contribute billions of rupees to the national exchequer through taxes and duties besides opening up opportunities in the country including a health contribution towards GDP.