A signing ceremony transferring control of Gwadar port to a Chinese company took place Monday in Islamabad, according to the Associated Press.
China paid the bulk of the $250 million construction costs of the seaport, which has been operating under the control of a company in Singapore, AP reports. It’s been a failed economic venture for more than five years, mostly because Pakistan didn’t finish promised roadway construction plans that would have linked the port to the rest of the country, AP reports.
China plans to use the port to bolster its energy sector and anchor pipelines there for oil and gas imports from the Persian Gulf, AP reports.
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