Before Pakistan bought Gwadar it was a part of Omani Rule science 1783. In 1958 Pakistan purchasaed Gwadar from Oman for$3 million and thus Gwadar officially became a part of Pakistan. At that time Gwadar was a small village of a few thousand inhabitants. The area was then underdevelopment. In 1993 Pakistan decided to built a Port at Gwadar and connect it to other part of Pakistan through Rail and Road network. The major development has seen in 2002 and from that time the development started with rapid speed and Gwadar Port was firstly handed over to Port of Singapore Authority PSA.
Now Pakistan handed over the Gwadar Port to China in a signing ceremony held at Islamabad. From Pakistan side President Asif Ali Zardari along with foreign minister Hina Rabbani Khar, federal ministers, members of parliament and government officials were present at the occasion, while Chinese Ambassador in Pakistan Liu Jian represents the China Government. Previously the Port of Singapore Authority was managing the Port. The possession of Gwadar port was handed over to Port of Singapore Authority by ex-president of Pakistan Pervez Musharraf. The Parliament of Pakistan has approved the transaction. As about 60% of the China’s Crude oil is importing from the Gulf Countries, the Gwadar Port will help to China to cut the distance and use the port as energy and trade corridor and thus a short and economical way for china to reach the Gulf Countries, Africa and Middle East.