One and a half years after the completion of construction, the newly-built Patenga container terminal (PCT) at the Chattogram port is finally going to be formally inaugurated.

Prime Minister Sheikh Hasina is scheduled to inaugurate the PCT, featuring three jetties and an annual capacity to handle 5 lakh TEUs of containers, through a virtual programme today morning.

However, the new terminal will not be fully operational until the appointment of a foreign operator and installation of heavy container handling equipment by the operator.

Port users and businesses stressed the need to make the terminal fully operational as quickly as possible to capitalise on its benefits.

They said vessels berthed at the PCT would be able to load and unload containers in a shorter period since it is located much closer to the Karnaphuli estuary than existing port jetties.

The government nominated Saudi Arabia owned Red Sea Gateway Terminal International (RSGTI) to operate the terminal but an agreement on its appointment is yet to be finalised.

Chittagong Port Authority (CPA) Secretary Md Omar Faruk told The Daily Star that a CPA technical team finalised negotiations with the Saudi firm on technical and financial aspects and sent a draft agreement to higher authorities of the government for approval.

He hoped that an agreement with the firm would be signed within this month.

The government approved the project to construct the PCT on around 32 acres of land in Patenga in June 2017.

Initial plans were to implement the project between July 2017 and December 2019, but it was later revised and extended to June 2022.

The original construction cost was estimated at Tk 1,868.28 crore, with the terminal being built by the CPA at its own cost.

In the revised plans, the cost was reduced to Tk 1,229 crore as the government decided to implement the project on an 'equip, operate and maintain' model under a public-private partnership (PPP), which means that the operator appointed will have to procure the necessary equipment.

Bangladesh Shipping Agents Association (BSAA) Chairman Syed Md Arif lamented the time lost due to the delays appointing a foreign operator. The same happened to the previously built New Mooring Container Terminal (NCT), which remained idle for several years due to delays in decisions over procedures of operations, he said.

Delays in making a project fully operational are a hindrance to achieving optimum benefit from infrastructure, he opined.

However, he termed the formal inauguration of the terminal by the prime minister as a positive step and hoped that an operator would be appointed shortly.

At the same programme today, the prime minister will also unveil the cover of the masterplan for the construction of the Bay Terminal, another mega extension project of the port.

A joint venture of South Korean firms Kunhwa Engineering and Consulting Company Ltd and Daeyoung Engineering Company Ltd finalised the draft and handed it over to CPA on September 26.