China, the most trusted friend of the country, constructed the Gwadar Port in 2002 at a cost of 150 million dollars and not 250 million dollars, highly-placed sources told The Post.
This, the sources said, was revealed by an "independent audit" of the deep-water port project which was conducted in 2006 when Islamabad was about to sign an agreement with Port of Singapore Authority (PSA), the Gwadar Port's operator.
"An independent audit revealed that the project was completed at cost of $ 150 million and not $ 250 million," they added.
Sources said that was the very reason for which the Pak-PSA agreement on Gwadar Port had no mention of value of the project. "The government had asked the Singapore Authority not to mention the project value," sources said.
The audit was jointly conducted by the government of Pakistan and PSA in line with the provisions of international law, which make it mandatory for the owner to conduct an independent formal assessment of the project to be transferred/outsourced to the other party, they said.
It must be recalled that celebrating the 50-years all-weather Pak-China friendship in 2002, Beijing had agreed to construct the Gwadar Port and provide Pakistan with a soft loan of what, sources said, 248 million dollars to undertake the mega project.
As per the plan China was to build 600 meters of berths in Phase-I.
According to sources out of 248 million dollars Pakistan had got a 50 million dollars grant, one million each for commemorating the 50-years Pak-China friendship, and the remaining 198 million dollars loan was to be paid back on softer terms.
When asked if Islamabad had raised the issue with Beijing, sources said the former remained tight-lipped, as it could not afford to disturb its 50-years closed diplomatic ties with the latter.
This, the sources said, was revealed by an "independent audit" of the deep-water port project which was conducted in 2006 when Islamabad was about to sign an agreement with Port of Singapore Authority (PSA), the Gwadar Port's operator.
"An independent audit revealed that the project was completed at cost of $ 150 million and not $ 250 million," they added.
Sources said that was the very reason for which the Pak-PSA agreement on Gwadar Port had no mention of value of the project. "The government had asked the Singapore Authority not to mention the project value," sources said.
The audit was jointly conducted by the government of Pakistan and PSA in line with the provisions of international law, which make it mandatory for the owner to conduct an independent formal assessment of the project to be transferred/outsourced to the other party, they said.
It must be recalled that celebrating the 50-years all-weather Pak-China friendship in 2002, Beijing had agreed to construct the Gwadar Port and provide Pakistan with a soft loan of what, sources said, 248 million dollars to undertake the mega project.
As per the plan China was to build 600 meters of berths in Phase-I.
According to sources out of 248 million dollars Pakistan had got a 50 million dollars grant, one million each for commemorating the 50-years Pak-China friendship, and the remaining 198 million dollars loan was to be paid back on softer terms.
When asked if Islamabad had raised the issue with Beijing, sources said the former remained tight-lipped, as it could not afford to disturb its 50-years closed diplomatic ties with the latter.