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 GWADAR, Pakistan (AP) - By the waters of the Arabian Sea, a remote Pakistani fishing town is being transformed into a massive deep sea port to cash in on the inexorable rise of the Chinese economy.
Gwadar port, a $250 million project that is 80 percent Chinese funded, is expected to start operations later this year to capitalize on its strategic location between South Asia, Central Asia and the Middle East. The port lies near the Straits of Hormuz, through which about 20 percent of the world's oil is transported.
Pakistani Prime Minister Shaukat Aziz recently claimed Gwadar could "change the map of shipping in the world" and serve as a regional energy hub for shipping and refining oil from the Gulf.
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