(MENAFN- Kuwait News Agency (KUNA)) Pakistan Monday formally signed an agreement to hand over the operation of Southwestern Gawadar port, connecting Pakistan to central Asia, to time-tested friend China.
An impressive ceremony was held in this connection at the President House and an agreement was signed, which handed over the operation of the Gawadar Deep Seaport to China.
Chinese Ambassador to Pakistan Liu Jian represented the Chinese side.
Speaking on this occasion President Asif Ali Zardari said, "Pakistan China friendship is strengthening. We need to improve the basic infrastructure for its functioning. We are facing many security challenges." The President said that the Gawadar project had very significant and strategic importance for China adding that nearly 60 percent of China's crude oil was imported from the Gulf countries which would increase in the next decade.
He said because of the proximity of the Gulf countries to Gawadar the oil flow from the Gulf to China would be greatly facilitated by the operation of this port.
Presidential spokesperson Senator Farhatullah Babar told media that the ceremony actually marked the transfer of Concession Agreement from the Port of Singapore Authority to the China Overseas Port Holding Company.
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