Saturday, May 24, 2008
LAHORE: Pakistan Railways (PR), is facing an annual loss of nearly Rs35 billion and is making a sustained effort to cut down on these figures, said chairman, Pakistan Railways, Muhammad Kashif Murtaza here on Friday while speaking to mediamen at the Railways Headquarters on the occasion of signing agreement for the construction of Prem Nagar Dry Port situated about 48km off Lahore in cooperation with two private firms.

The GM Railways Asad Saeed on the occasion said that there were multiple reasons for PR losses; but railways had to bear the worst of its losses after the assassination of Benazir Bhutto. About other causes contributing to PR losses, he said spiralling crude oil prices and acute power shortages were the other two main factors to blame for PR losses.

He also said that train fares had not been enhanced in consonance with rapid rise in oil prices in the international markets.

Load shedding badly disrupted the railways system and PR had to seek alternate recourse to keep going on.

Earlier, Pakistan Railways General Manager Asad Saeed signed the agreement with M/s Qasim International Container Terminal, Karachi (QICT) and M/s Premier Mercantile Services, Karachi (PMS) to establish a dry port at Prem Nagar Railway Station at a cost of Rs1729 million.

The agreement was signed on Built-Operate-Transfer (BOT) basis.

According to the agreement, the QICT will contribute Rs575 million, PMS Rs660 million and PR will contribute Rs494 million for the dry port.

The project will be completed by June 30, 2009 and generate revenues of nearly Rs911 million during the first year of operations.

http://thenews.jang.com.pk/daily_detail.asp?id=114389