KARACHI: Multi-billion rupees cargo-handling Track Access Project has been shelved by ailing Pakistan Railways (PR) without any obvious reason while the contractor has obtained a stay order from the Sindh High Court (SHC), Daily Times has learnt. In 2013, a private company Fast Track Silverlink Ltd was granted a Track Access Project by PR on Finance, Own, Operate and Maintain (FOOM) basis which means that it does not require any investment by the PR. However, the PR did not form a Project Management Office (PMO) which was the first step to start executing and govern the project, said sources. On the other hand, the contractor made substantial investment towards the execution of the project which includes selection of locomotives and other rolling stocks, feasibility studies, financial institutions involvement for the financing of the project and many others. Sources said PR also did not provide any specification of locomotives to the private party and did not cooperate with the contractor at all which has resulted in substantial losses to PR on an annual basis as well as to the national exchequer. “After not receiving any response from PR for the execution of the Track Access Project, Fast Track Silverlink filed a petition in SHC in February 2017 seeking its interference to ask PR to implement the project and save the valid Track Access Contract from any possible cancellation from PR”. The petition will come up for hearing on a date in office as SHC has instructed the PR to submit its reply. As per the agreement, the company was awarded the right to invest on its fleet of locomotives, freight wagons and run its own freight trains on the tracks of PR through PPP-Public Private Partnership basis. Track Access Project aimed at exploring the huge revenue opportunities for the PR as Ministry of Finance had estimated that the project would generate Rs 196 billion yearly for PR transforming the railways industry in the country with best international practices. According to sources, this could be the first ever jolt to the most ambitious project of the China-Pakistan Economic Corridor (CPEC) as the track access agreement could have been benefited Chinese oriented projects and logistics support and cargo movements. The project revolves around opening the railway access for private parties in freight sector which is extremely high demand sector due to increase in freight volume of the country. Currently, PR is not equipped and unable to meet the growing demand of for freight due to obsolete rolling stock, mismanagement and lack in commercial and operational management, as a result of this PR share country freight market is less that 2% which means that more than 98% of freight is being transported by trucks in the country, through this project of great national importance, PR with the help of Ministry of Finance were to encourage the private sector to come forward and invest in Locomotives, Rolling Stock, said sources. As per the agreement, the private party would also bear all operational costs including oil, maintenance and human resources and invest in developing loading and unloading terminals at the designated places.