RSGT inks concession agreement in Bangladesh to operate Patenga Container Terminal:Terminal operator Red Sea Gateway Terminal International (RSGT), a unit of Tadawul-listed SustainedInfrastructure Holding Company (Sisco) has inked a 22-year concession agreement with Bangladesh’s Chittagong Port Authority for Patenga Container Terminal in Chittagong, according to a press release (pdf). The agreement was inked in partnership with the PIF, under a government-to-government framework between the kingdom and Bangladesh.

The details: RSGT will develop a comprehensive long-term plan for the terminal that includes developing and operating a 500k TEU facility and equipping a 580-meter quay with new tech, the statement said. The company will pour some USD 170 mn (SAR 636.7 mn) into the developments at the terminal, funded through debt and equity, it added.

RSGT is looking to expand globally in the port sector, it said.

Bangladesh’s first foreign operator: RSGT will be the first foreign company to operate a portin Bangladesh as the South Asian country looks to boost foreign investments into the country. The container terminal was completed last year and was initially set to be operated by the Chittagong Port Authority, but Bangladesh’s government opted for a foreign operator instead under a PPP model.

Background:RSGT inked a framework agreement for the USD 240 mn terminal back in March. The terminal has a 500k TEU capacity, and is located in Bangladesh’s primary port, the statement said at the time. The port handled a container throughput of 3.2 mn TEU in 2021, and serves some 90% of Bangladesh’s import and export activities, according to the release.

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