FE Report
The Chittagong Port Authority (CPA) decided that it would prepare tender documents for private operation of the country's largest container terminal - New Mooring Container Terminal (NCT) -- with easy terms and conditions to facilitate participation of local entrepreneurs.
The major terms and conditions committee, headed by CPA Chairman Commodore Faruk, held a meeting Sunday at its board room Sunday. All eight members of the committee were present in the meeting.
Earlier, the cabinet committee on economic affairs formed the committee in June to finalise the terms and conditions for the NCT and expedite the privatisation process.
Meeting sources said it has been planned to keep 70 per cent share reserved for the local private management of the NCT, which is likely to be given to private hands.
The handing over of the NCT management to the pri vate companies will complete in December this year.
"A maximum of 30 per cent of the NCT management share will go to foreign companies," said a source.
Local companies, which will be allowed to operate the NCT, must offload 49 per cent of the share in the country's capital market within three years of the terminal's commercial launching, port sources said.
They also said any joint venture company with local entrepreneur having 35 per cent investment will enjoy a 7.5 per cent concessional rate for the use of the NCT.
However, the floating of tender for the NCT might take place in August this year.
The NCT has five jetties, each having 200 metres in length, with adequate back-up facilities.
According to the project plan, there will not be any container congestion at Chittagong port over the next 15 years once the NCT is commissioned under the private management.
The NCT will be privatised on the basis of supply, operate and transfer (SOT) basis.
CPA to prepare tender documents for private operation of NCT
FE Team | Published: July 09, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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