Quetta: According to the details of Gwadar Port revenue sharing formula in Senate meeting, China would get 91% and Gwadar Port Authority, which is under control of Government of Pakistan, would get 9% of the profits for the next 40 years.
Senator Hasil Khan Bizenjo, Federal Minister for Ports and Shipping, revealed this in Senate meeting once senators criticized the secrecy involving China Pakistan Economic Corridor (CPEC).
It was further revealed by Senator Bizenjo that Gwadar Port was built under Build Operate and Transfer (BOT) basis by China and they will get the major share of revenue for next 40 years. He said that Pakistan will fully take control of the port operations after then end of 40 years period.
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Since the singing of CPEC agreement in 2015, it has been criticized for not benefitting Balochistan. The revelation of port sharing formula for Gwadar Port proves that there is no income for Balochistan government from Gwadar Port operations in next 40 years.
Experts have also questioned the rationale of allowing China to get 91% of the profit for next 40 years without making public the grounds on which this decision was made.
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