10th September 2019
EP Report

Japanese Sojitz Corporation and local Energypac want the Bangladesh government to get involved in their $2-billion plan to build a seaport and energy industrial park in Chattogram under a public-private partnership (PPP).

The PPP is aimed at faster implementation of the project at Mirsarai Economic Zone and raising funds as well, said Nurul Aktar, a director of Energypac Power Generation.

Sojitz and Energypac have shared their plan with the Prime Minister’s Office and the Chittagong Port Authority in order to involve the government with the project.

“PPP model is the best way to implement this type of large-scale project and it is easy to mobilize government-to-government funds and borrowing from international financiers,” Aktar said.

As per the initial feasibility study, the two firms will need to invest $1.2 billion within 2024 to complete the first phase of the seaport and the investment will reach $2 billion to build the full-fledged seaport.

“The port will be economically viable and support the zone,” Aktar said recently.  

He said the Chattogram port would not be able to handle the export and import activities when the economic zone will go into operation in full swing in 2030.

So, a modern and efficient seaport is highly required at the zone to handle zone-centric export and import activities, he said. 

The port would be able to anchor 30,000 to 40,000-tonne cargo vessel, much higher from the present capacity of only 10,000-tonne at Chattogram port, Aktar said.

There is no scope to build more jetties and yards at the Chattogram port, Aktar said. 

Sojitz and Energypac have already signed a memorandum of understanding with Bangladesh Economic Zones Authority (Beza) so that the two companies can get the land. 

A land lease agreement may be signed by December this year.

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