RSGT inks concessions with CPAto operate Patenga Container Terminal: Saudi terminal operator Red Sea Gateway Terminal International (RSGT), a unit of Sustained Infrastructure Holding Company (SISCO), has inked a 22 year concession agreement with Bangladesh’s Chittagong Port Authority (CPA) for Patenga Container Terminal (PCT) in Chittagong, according to a press release (pdf). The agreement was inked in partnership with Saudi sovereign fund PIF, under a government-to-government framework between Saudi Arabia and Bangladesh.

The details: Under the terms of the agreement, RSGT will develop a comprehensive long-term plan for the terminal, the statement added. This includes developing and operating a 500k TEU facility at the terminal, and equipping the 580-meter quay at the terminal with technologies, 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.

The concession agreement comes as part of RSGT’s global expansion strategy in the ports sector, the statement said.

Bangladesh’s first foreign operator: RSGT would be the first foreign company to operate a port in 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 CPA, 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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