China State Shipbuilding Corporation (CSSC) has announced that an affiliate of the group has secured an EPC project for the development of a port in Bangladesh.
Under the contract, CSSC will be responsible for the construction of a yard with ancillary facilities and utility services at Payra Port, the third largest port in Bangladesh.
The project will commence this year and expected to completed in 30 months. The total value of the contract is $120m.
According to CSSC, Payra Port will be developed into a major deep sea port in the region and serve as an important hub for the economic corridor connecting China, India, Bangladesh and Myanmar.
The Payra Port was inaugurated in 2016 and the port authority plans expand the port with the construction of a deep-sea coal and bulk cargo terminal.