China companies gets a $510 million worth contract for constructing Payra seaport

China Harbour Engineering Company and China State Construction Engineering Corporation jointly signed an agreement with Bangladesh government for construction of the Payra seaport costing USD 510 million.

According the agreement, China Harbour Engineering Company would construct the core port infrastructure which would cost USD 150 million while the riparian area fortifying work would be done by China State Construction Engineering at USD 300 million. This company would also other facilities including health and housing by spending USD 60 million. If this government-to-government agreement is completed and all infrastructures development is constructed then the GDP of the country would increase by 1 percentage point.

This third seaport in the country and it would cost the government about USD16 billion. Due to low navigability at the Karnaphuli River and limited facilities at Chittagong port, large vessels, carrying petroleum products, are forced to anchor at deep sea. Later small ships unload them. This system takes a 100,000 tonnage tanker 11 days to unload. So this system will not be useful for Bangladesh to import more crude oil to cope with the fast growing energy demands. Unloading time would be reduced after the pipeline is installed.

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