Port-Evo to invest $25m in Rupayan Container Terminal

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FE Report
The UK-based Port Evolution Management (Port-Evo) will invest US$25 million next year to develop and operate the under-construction river-based Rupayan Container Terminal in Bangladesh.
In this connection, an agreement was between Rupayan Port & Logistics Services and Port-Evo in the city recently.
Chairman of Port-Evo in Bangladesh James Sutcliffe and Chairman of Rupayan Port & Logistics Liaquat Ali Khan Mukul signed the deal on behalf of their respective companies.
Speaking on the occasion, James Sutcliffe said, "We are now focusing on emerging markets, and we have chosen Bangladesh as it is a thriving country, whose economy has been growing at upwards of 6.0 per cent in the last couple of years."
"The river-based container terminal will usher in a new beginning and provide a cost-effective and environment-friendly solution to the exporters and importers of the country "blessed with many rivers," he pointed out.
"From now on we will work with Port-Evo together to build and operate the river container terminal," said Managing Director of Rupayan Port & Logistics PJ Ullah.
He said that the Chittagong port now handles around 1.5 million TEUs [twenty-foot equivalent unit] containers every year, of which 75 per cent are Dhaka-bound.
The terminal that will be able to handle 260,000 TEUs containers a year will save costs of exporters and importers by 50 per cent, he added.
Of the total project cost of $60 million, Rupayan has provided $22.5 million, Port-Evo will provide $25 million and the remaining sum will be taken as loans.
According to the deal, the British company will take over the container terminal in Narayanganj for 15 years under a joint venture equity investment, terminal management and operation contract.
The composition of the joint venture will be 51:49 in favour of Rupayan Port & Logistics.