The government has decided to hand over the operation and maintenance of Chattogram port’s New Mooring Container Terminal (NCT) and its overflow yard (OCY) to a foreign operator.

At a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Finance Minister Amir Khosru Mahmud Chowdhury on Thursday, final approval was given to a draft 15-year concession agreement with an international terminal operator.

According to a proposal submitted by the Ministry of Shipping, Chattogram Port Authority (CPA) will sign the agreement under a project titled “Operation and Maintenance of Chattogram Port Authority’s New Mooring Container Terminal (NCT) and Overflow Yard (OCY)” under a public-private partnership (PPP) project.

Meanwhile, the CCEA gave in-principle approval to another proposal submitted by the industries ministry. Under the proposal, urea fertiliser will be imported from Russian fertiliser manufacturer JSC Shchekinoazot through a direct procurement method (DPM) via UAE-based Delta Star Trading FZ-LLC.