Pakistan International Bulk Terminal issues 20% stake to IFC

The Pakistan International Bulk Terminal Limited (PIBTL) has issued 189.653m shares, or 20 per cent, stakes to the International Finance Corporation (IFC) at INR10 (US$0.09)/share for its bulk terminal to handle coal, clinker and cement under construction on a build, operate and transfer (BOT) basis at Port Qasim, near Karachi, Pakistan.

The project is expected to be completed in the end of 2016 at a cost of US$185m. Once completed PIBTL will have capacity for handling up to 12Mta of coal, and 4Mta of cement and clinker, which can together be further upgraded up to 20Mta.

The company has already entered into an engineering, procurement and construction (EPC) contract with China Harbour Engineering Company Ltd (CHEC) for the purpose of engineering, procuring, supplying, constructing, installing, testing and commissioning civil works, for the company's coal, cement and clinker bulk handling facility amounting to PKR12.499bn.

The company has also appointed Hamburg Port Consultancy, Germany, as plant and equipment procurement consultant. The technical specifications of the plant and machinery has already been finalised and the tenders evaluated.

On 6 June 2012, PIBTL entered into an agreement with IFC, which will invest US$52.5m –  US$26m as equity and US$26.5m in debt – in the project.