Global agribusiness giant Cargill has acquired a minority equity stake in Fauji Akbar Portia Marine Terminal Limited (FAP), a leading Pakistani bulk terminal operating at Port Qasim, Karachi, Daily Pakistan reports.
FAP began operations in 2010 and provides ship berthing, unloading, storage and bagging services for grains, cereals, rice, oilseeds and fertilisers.
The acquisition was part of Cargill’s strategic plan to invest US$200M in Pakistan, announced in January 2019, the 9 December Daily Pakistan report said.
FAP is a joint venture between Fauji Foundation, Akbar Group of Companies and the National Bank of Pakistan (NBP).
“With its global port experience, Cargill will help drive greater operational efficiencies for the port to reach its potential of handling agri-cargo safely and efficiently,” Fauji Foundation chairman Waqar Malik stated.
The FAP terminal has a capacity of 4M tonnes/year with transit storage in silos or warehouses. Clients listed on its website include ADM, Apsea, Concordia, Glencore, Karachi Grains, Louis Dreyfus Commodities, Mahmood Group, Mapak, Nidera, Pakistan Oil Mills and Peter Cremer.
Daily Pakistan said Cargill had been operating in Pakistan since 1984 and its operations in the country now comprised refined oils and the trading and handling of animal feed, grains and oilseeds, cotton, sugar and metals.
Cargill Pakistan president Imran Nasrullah added that the company was exploring several opportunities in the agricultural space as Pakistan was an important market for the company.