A Saudi Arabian company, Red Sea Gateway terminal will operate the container terminal in the Bangladesh’s one and the only major port of Chattogram.
The company which operates terminals in Saudi Arabian ports was awarded the operation contract by the Bangladesh transport ministry a few days ago according to international media reports.
The new container terminal being built by the Bangladeshi government, will feature a 600 meter quay and will be able to handle three vessels simultaneously, augmenting the container handling capacity of the port.
In February this year, the Bangladeshi Ministry of Shipping proposed a plan for the development of the container terminal based on the Public Private Partnership mode to the Saudi government which in turn nominated Red Sea Gateway Terminal (RSGT) as the Saudi investor.
RSGT announced the sale of a 40 per cent equity stake worth $280m to China’s Cosco Shipping Ports Limited (CSPL) and Saudi Arabia’s Public Investment Fund (PIF) last year. “Working closely with PIF and CSPL, we will accelerate our shared vision, further strengthen our customer offering, and elevate our mandate to meet the increasing demand for terminal and logistics services
We are extremely pleased to have been selected for this opportunity. The rapid growth of Chittagong Port’s cargo volumes necessitates further investment in modern equipment, advanced technology and building new human capacity,” a spokesman of the company was quoted by international media reports.
This project fits well with Red Sea Gateway Terminal’s competencies and its expansion strategy for emerging markets. We are very confident that, through this investment, we
will be able to contribute significantly to Bangladesh’s fast-growing trade and economy.
