Payra Port Signs USD 647 Mn Dredging Deal

Business & Finance

The first dredging phase of the Payra deep-sea port project can now commence as the Payra Port Authority (PPA) has signed an EUR 550 million (USD 647 million) agreement with dredging company Jan De Nul (JDN). 

The deal between the duo, which will result in the formation of the joint venture company for the task, was signed on December 11, 2017.

Scheduled to start in fall 2018, the dredging of the port’s main channel will enable the port to welcome larger ships, The Daily Star reported.

In the first phase, JDN plans to deploy up to nine dredgers from its fleet.

They will reclaim more than 13 million cubic meters to create land and dredge more than 60 million cubic meters to kick-start the development of the new port, the dredging company said.

The Government of Bangladesh considers the development of Payra deep-sea port vital for the development of the country’s infrastructure, trade and commerce. The port is expected to gradually develop in a major transport hub in the region, according to JDN.