Leading business conglomerate Beximco has set up a joint venture with a Saudi firm to invest nearly $1 billion to upgrade Bangladesh’s sole oil refinery.
“Beximco and Marasel Company Ltd of Saudi Arabia will jointly submit interest for funding an upgradation project of the Eastern Refinery Limited,” a statement from Beximco said.
State-owned Bangladesh Petroleum Corporation (BPC) invited offers in July from international firms and financial institutions to finance the $900 million project near Chittagong port.

“The fund from Beximco and Marasel are likely to be accepted if the terms and conditions are found favourable,” a senior official of BPC told Reuters.

Beximco’s businesses range from textiles to pharmaceuticals. Its subsidiary Beximco Pharmaceuticals Ltd (BXPq.L: Quote) BXPH.DH is listed in London.

The Marasel Company Ltd is owned by Saudi Prince Salman Bin Sultan Bin Abdul Aziz Al-Saud and has large investments in different sectors, mainly in energy.

“In line with its business diversification objectives, Beximco Ltd is now poised to enter into the oil and energy sector, and has mobilised necessary resources for this purpose,” the statement said.

Beximco owns the single largest stake in a Bangladesh private bank and a local private airline, a senior executive of Beximco said. But he could not give the size of the conglomerate in terms of equity.

The refinery upgrade will increase ERL’s production capacity by 200 percent to 4.5 million tonnes per year from 2013.

It presently produces 1.5 million tonnes of petroleum products from imported crude to meet 30 percent of the country’s requirement of 3.8 million tonnes a year.

About Eastern Refinery
Corporate Profile

Eastern Refinery Limited, a subsidiary of Bangladesh Petroleum Corporation was incorporated under Companies?? Act 1913(amended in 1994) as a Public Limited Company in 1963 with 35% EPIDC??s( East Pakistan Industrial Development Corporation) shares, 30% shares held by Burmah Oil Company (BOC) and the rest 35% by private entrepreneurs. From November, 1985, Bangladesh Petroleum Corporation (BPC) became the 100% share holder of the company.

ERL plays a vital role in supplying around 40% of the country??s current petroleum products?? demand and thus maintains stability in the POL Products?? market of the country. ERL sometimes becomes the only fall back system available, to avoid products crisis in the face of disruption of products?? import.

A Board of Directors appointed by the Government, (of which Managing Director of ERL is one of the Directors) manages the company. The Managing Director is the Chief Executive Officer (CEO) of ERL.

ERL as a profitable company in the Public Sector contributes substantially to the national exchequer in the form of dividend, taxes, VAT etc.

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?The meeting to resolve the problems faced by the shipping agents in getting permission to discharge hazardous cargo from the ships at Chittagong Port ended without any solution Thursday.

The meeting, held at the office of Commodore Commanding of Bangladesh Navy in Chittagong, was chaired by Commodore Nizam. It was attended by representatives from Chittagong Port Authority, Chittagong Custom House, BGMEA and Bangladesh Shipping Agents Association (BSAA) along with other stakeholders.

The failure to resolve the issue will push the shipping agents to take a tough decision of not loading any dangerous cargo at the load points to avoid unnecessary delay in discharging at the port, said BSAA chairman Ahsanul Huq Chowdhury.

The shipping agents have alleged that the Naval Authority does not give them permission to discharge hazardous cargo due to lack of proper import documents.

“Such refusals cause unnecessary delay in discharging cargo from the vessels, and also affect the ready-made garments (RMG) industries, as some hazardous cargo contain dyes and chemicals imported for the sector,” he added.

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In the way to the better relation with Bangladesh and American navy,The United States on Tuesday donated sixteen 25-feet (eight meter) Defender Class Boats to Bangladesh Navy aiming to enhance counter-terrorism abilities.In the largest delivery of coastguard boats to a nation, the US today donated 16 defender vessels to Bangladesh navy to enhance its counter terrorism capacity and secure maritime boundary.

According to the US embassy in Dhaka, the US government provided the boats at Bangladesh’s request to improve the ability of Bangladesh Navy and the Coast Guard to disrupt criminal organizations and transnational terrorist groups seeking to exploit Bangladesh?s maritime borders

The US Ambassador to the country James F Moriarty handed over the boats to Bangladesh Assistant Chief of Naval Staff for Operations Rear Admiral M F Habib at the southeastern Chittagong Port.

The first sixteen boats are expected to significantly improve the maritime interdiction and counter terrorism capabilities of Bangladesh?s new Navy Special Operations Force.

“A process is underway to handover five more such 25-feet boats to Bangladesh Coast Guard.

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Bangladesh on Thursday signed three accords with China aimed at strengthening cooperation in the fields of economy, technology and infrastructure.

In addition, the two sides signed a memorandum of understanding on oil and energy cooperation.
Beijing has assured Dhaka of extending duty-free access for Bangladeshi products to the Chinese market.

Chinese premier Wen Jiabao made the assurance at official talks with prime minister Sheikh Hasina at the Great Hall in Beijing on Thursday evening.

Bangladesh is supposed to have duty-free access for around 90 products to China under a SAPTA (SAARC Preferential Trading Agreement) agreement signed in Bangkok in 2006. But the 90 items do not include Bangladesh’s main export items.

The prime minister’s press secretary Abul Kalam Azad told journalists after the talks that the two leaders discussed bilateral, regional and international issues.

During the talks, Wen Jiabao said he hoped the two countries would enhance cooperation for safeguarding peace, stability and development of South Asia.

Azad said Hasina requested her Chinese counterpart to extend financial support for development projects, cooperation for power and agricultural sector, and technical assistance for achieving the development targets, and the Jiabao assured her of offering the support and assistance.

During the talks, Bangladesh signed three accords and a memorandum of understanding with China for cooperation in economy, technology, infrastructure and energy.

The three accords are: Economic and Technical Cooperation Agreement, Framework Agreement on Shahjalal Fertiliser Factory, and the Agreement on the 7th Bangladesh-China Friendship Bridge.

They were signed during the official talks between the visiting Bangladesh prime minister Sheikh Hasina and her Chinese counterpart Wen Jiabao at the Great Hall in Beijing, foreign minister Dipu Moni told journalists.

Dipu Moni, industries minister Dilip Barua and communications minister Syed Abul Hossain signed the accords and ambassador to China Munshi Faiz Ahmad signed the MoUs on behalf of Bangladesh.

Sheikh Hasina, now in the capital on a five-day visit to China, started her official talks with Chinese premier Wen Jiabao at around 6pm (local time) at the Great Hall.

Besides, the two prime ministers discussed a number of projects, including the Chittagong-Kunming railway and road links through Myanmar, second Padma Bridge, deep seaport in Chittagong, eighth Bangladesh-China Friendship Bridge, capacity-building in agriculture, telecommunications and solar energy.

Hasina sought enhanced Chinese investment in Bangladesh that might contribute to reducing the trade gap, now heavily in favour of China.

Later in the eveing, she is expected to attend a banquet hosted by Wen.

Earlier, Sheikh Hasina arrived at Beijing Wednesday midnight (local time) on a Biman Bangladesh airline flight.

Chinese assistant foreign minister for South Asia, Hu Zhengyue, received her at the airport.

The Bangladesh PM is expected to meet with Chinese president Hu Jintao and National People’s Congress Chairman Wu Bangguo on Friday.

The PM will address a meeting of Chinese and Bangladeshi businessmen people Friday morning.

She is expected to visit Kunming during the visit. The capital of Yunan province will serve as one end of the proposed trans-border road and rail link with China connecting Kunming with Chittagong through Myanmar.

China and Bangladesh Thursday agreed to set up closer ties of comprehensive cooperative partnership.

Chinese Premier Wen Jiabao and visiting Bangladeshi Prime Minister Sheikh Hasina reached the agreement after their talks in Beijing.

Wen said the two nations always supported each other in major issues concerning national independence, sovereignty and territorial integrity.

This year marks the 35th anniversary of China-Bangladesh diplomatic ties. Wen said China would work with the country to expand cooperation and push forward bilateral relations.

Wen hoped that the two nations would enhance high-level exchanges and strengthen consultations, in a bid to safeguard peace, stability and development of South Asia.

China and Bangladesh should also make efforts to expand bilateral trade. Wen said the Chinese government supported its domestic companies investing in Bangladesh, and joining in the construction of transport, telecommunications and energy infrastructure.

Wen proposed the two nations increase cooperation in agriculture, poverty reduction and disaster relief, saying that China would continue assisting Bangladesh economically and technologically.

Wen hoped the two nations would enhance cultural exchanges, and make joint efforts to safeguard the fundamental interests of developing countries in major issues related to the United Nations reform and climate change.

Hasina spoke highly of China’s achievements in social progress, and expressed appreciation for China’s support to her country’s economic and social development.

Bangladesh would work with China to promote cooperation in agriculture, tourism and infrastructure construction, and to enhance coordination in major international and regional issues, she said.

The prime minister reiterated her country’s firm adherence to the one-China policy.

The two prime ministers witnessed the signing of four bilateral documents on economic and technological cooperation, preferential loans, bridge building and natural gas cooperation.

Chinese Foreign Minister Yang Jiechi met with Bangladesh counterpart Dipu Moni Thursday afternoon to discuss bilateral ties and issues of common concern.

Hasina is in China on an official visit from March 17 to 21 at the invitation of Premier Wen.

Foreign minister Dipu Moni, communications minister Syed Abul Hossain, industries minister Dilip Barua and state minister for Chittagong Hill Tracts Dipankar Talukdar are accompanying the prime minister.

Besides a 16-member government delegation, another delegation of eminent citizens, businesspersons and journalists were also included in Hasina’s entourage.

Hasina is scheduled to return home on March 21.

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China always carry the Friendly support to Bangladesh .Sheikh Hasina will leave Dhaka for Beijing this afternoon for a five-day visit at the invitation of Chinese Prime Minister Wen Jiabao. This is her first visit to China since Awami League-led government assumed office in January 2009.
Bangladesh will seek around $2.2 billion assistance from China for its 12 projects for infrastructure development and setting up of a fertiliser factory during Prime Minister Sheikh Hasina’s visit.
The projects include construction of Second Padma Bridge at an estimated cost of $579 million, Karnaphuli Tunnel at a cost of $289 million, single line metre-gauge railway track from Chittagong to Gundum near Myanmar border at a cost of $210 million, Second Meghna-Gomti Bridge at a cost of $125 million, a railway bridge with a dual-gauge double track over the river Jamuna at a cost of $172 million and Kazirtek Bridge over Arialkha river at an estimated cost of $22 million.
?We hope the Chinese authorities would consider some of the projects, if not all,? Communications Minister Syed Abul Hossain told The Daily Star yesterday. He said discussions would also take place about the purchases of passenger carriages and commuter trains.
During the talks, Bangladesh will also seek financial assistance for setting up the Shahjalal Fertiliser Factory Limited at an estimated cost of $600 million. Earlier the government in the face of growing demand for fertiliser decided to set up the factory in Fenchuganj.
Hasina will hold official talks with the Chinese premier tomorrow at the Great Hall where she will be given a formal reception. The next day Hasina will hold a meeting with Chinese President Hu Jintao to discuss bilateral, regional and international issues.
Hasina will also meet the Chairman of China’s National People’s Congress. On her way back Hasina will fly to Kunming to see for herself the proposed Chittagong-Kunming road and railway links.
Construction of a regional highway by linking Kunming with Chittagong via Myanmar will get priority during the visit. Aiming to establish the connectivity, Bangladesh has already constructed a road up to Gundum border.
Three agreements are expected to be signed between the two countries during the trip. The agreements are: Economic and Technical Cooperation Agreement, Framework Agreement on Shahjalal Fertiliser Factory and Agreement on Seventh Bangladesh-China Friendship Bridge.
Sources in the prime minister’s office said Bangladesh would seek Chinese support to resolve bilateral issues with Myanmar like settling maritime boundary and Rohingya repatriation.
Dhaka may request Beijing to help Bangladesh build the planned deep-sea port. Purchase of military hardware from China may also come up in the discussion, they hinted.
They said Bangladesh might also place some specific proposals, including increasing investment in Bangladesh and allowing duty-free excess of more goods to Chinese market, in an attempt to reduce the existing huge trade imbalance of $3.5 billion.
The high-profile visit is considered as a very significant step in boosting economic ties between the two countries.
Communications Minister Syed Abul Hossain, Industries Minister Dilip Barua, Foreign Minister Dipu Moni and State Minister for Chittagong Hill Tracts Dipankar Talukdar will be in the 16-member official delegation. Some eminent citizens, a business delegation and AL leaders will also accompany her.

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For bangladesh current economy resulting ,China has great impect in various matter of Bangladesh Prime Minister Sheikh Hasina’s upcoming visit to China is very important .
“We attach great importance to prime minister’s visit to China as Bangladesh and China are trusted friends. We have cordial and friendly relations,” Foreign Minister Dipu Moni said.

Briefing reporters on the visit, Moni said that after the new government assumed power in January 2009, the Chinese government sent a special representative to Prime Minister Sheikh Hasina and expressed strong desire to work together.

Moni said Bangladesh also wants to strengthen bilateral ties and cooperation with China .

On the sidelines of the world climate change conference in Copenhagen last year, Hasina had meeting with Chinese Premier Wen Jiabao and discussed bilateral issues of mutual interest.

The foreign minister said apart from Sheikh Hasina’s visit, a number of cultural exchange programs will take place this year marking the 35th anniversary of establishment of diplomatic relations between Dhaka and Beijing.

Bangladesh’s Prime Minister Sheikh Hasina will embark on a landmark visit to China this week to boost bilateral ties and enhance economic and technical cooperation.

During Hasina’s five-day tour from March 18, coming soon after her successful India visit in January, Bangladesh and China are expected to sign at least three treaties to boost economic and technical cooperation.

“We consider the tour very important in overall consideration … we have thousand years of ties with China as it is with India,” Foreign Minister Dipu Moni told mediapersons on Sunday.

Asked if Dhaka?s endevour to enhance political and economic cooperation with China could affect its existing good ties with New Delhi, she said: “It?s not true that if we have good relations with India, we cannot build up relationship with China”.

She said the visit was planned coinciding with the 35th anniversary of Dhaka-Beijing relations.

The minister said the two countries were expected ink at last three pacts on economic and technical cooperation, framework on a fertiliser factory and the seventh Bangladesh-China friendship bridge during the visit.

She underlined that railway and road connectivity between the two countries was expected to dominate the talks between Hasina and her Chinese counterpart Wen Jiabao on March 18.

Replying to a question whether Dhaka would allow Beijing to use its Chittagong Port facility as it was offered to India, Moni said the government wanted to upgrade the facility, enhancing its efficiency and capacity to be used by regional countries.

The foreign minister said the proposed Chittagong-Kunming railway and road links appeared as a crucial issue.

“China proposed the link (through Myanmar), and we accepted it,” she said.

The foreign minister said “Bangladesh will need China” for the proposed deep sea port in the Bay of Bengal as part of the ‘Look East Policy’ initiated by the past BNP-led regime. She said ‘Look East Policy’ was being pursued by the incumbent government for national interest.

Asked if a defence pact between the two countries could be signed during the premier?s visit, Moni said being an ardent follower of non-alignment, Bangladesh wanted enmity with no country.

However, she said the two countries have had a long-standing cooperation in defence sector which was expected to continue in future.

She hoped to use the Chinese good office to resolve its dispute with Myanmar on the maritime boundary.

“We may also seek Chinese good office in resolving our dispute on maritime boundary with Myanmar because of its good relations with our country,” Moni underlined.

Bangladesh would also make effort to bridge the trade gap with China through increased Chinese investment in the country. China is the biggest trade partner of Bangladesh.

The two countries currently have a two way USD 4.6 billion trade relations with a gap of USD 3.5 billion largely in favour of China.

She said the huge trade gap could not be easily removed by enhancing Bangladesh?s exports alone. Dhaka would seek increased Chinese investments to reduce the gap with Beijing.

Zhang Lei, the chief of political section of Chinese embassy here earlier today said Beijing was set to allow duty free access of Bangladeshi products from July 1 this year under a policy for least developed countries.

PTI

Dhaka: Bangladesh’s Prime Minister Sheikh Hasina will embark on a landmark visit to China this week to boost bilateral ties and enhance economic and technical cooperation.

During Hasina’s five-day tour from March 18, coming soon after her successful India visit in January, Bangladesh and China are expected to sign at least three treaties to boost economic and technical cooperation.

“We consider the tour very important in overall consideration … we have thousand years of ties with China as it is with India,” Foreign Minister Dipu Moni told mediapersons on Sunday.

Asked if Dhaka?s endevour to enhance political and economic cooperation with China could affect its existing good ties with New Delhi, she said: “It?s not true that if we have good relations with India, we cannot build up relationship with China”.

She said the visit was planned coinciding with the 35th anniversary of Dhaka-Beijing relations.

The minister said the two countries were expected ink at last three pacts on economic and technical cooperation, framework on a fertiliser factory and the seventh Bangladesh-China friendship bridge during the visit.

She underlined that railway and road connectivity between the two countries was expected to dominate the talks between Hasina and her Chinese counterpart Wen Jiabao on March 18.

Replying to a question whether Dhaka would allow Beijing to use its Chittagong Port facility as it was offered to India, Moni said the government wanted to upgrade the facility, enhancing its efficiency and capacity to be used by regional countries.

The foreign minister said the proposed Chittagong-Kunming railway and road links appeared as a crucial issue.

“China proposed the link (through Myanmar), and we accepted it,” she said.

The foreign minister said “Bangladesh will need China” for the proposed deep sea port in the Bay of Bengal as part of the ‘Look East Policy’ initiated by the past BNP-led regime. She said ‘Look East Policy’ was being pursued by the incumbent government for national interest.

Asked if a defence pact between the two countries could be signed during the premier?s visit, Moni said being an ardent follower of non-alignment, Bangladesh wanted enmity with no country.

However, she said the two countries have had a long-standing cooperation in defence sector which was expected to continue in future.

She hoped to use the Chinese good office to resolve its dispute with Myanmar on the maritime boundary.

“We may also seek Chinese good office in resolving our dispute on maritime boundary with Myanmar because of its good relations with our country,” Moni underlined.

Bangladesh would also make effort to bridge the trade gap with China through increased Chinese investment in the country. China is the biggest trade partner of Bangladesh.

The two countries currently have a two way USD 4.6 billion trade relations with a gap of USD 3.5 billion largely in favour of China.

She said the huge trade gap could not be easily removed by enhancing Bangladesh?s exports alone. Dhaka would seek increased Chinese investments to reduce the gap with Beijing.

Zhang Lei, the chief of political section of Chinese embassy here earlier today said Beijing was set to allow duty free access of Bangladeshi products from July 1 this year under a policy for least developed countries.

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If an agreement on economic and technical cooperation with?china bangladesh can earn a lots of posibilities of?Foreign currency. The Port of Chittagong is the largest seaport in Bangldesh, located by the estuary of the Karnaphuli River in Patenga, near the city of Chittagong. It is a deepwater seaport dominated by trade in containerised manufactured products (especially ready made garments), raw materials and to a lesser extent passengers. It is one of the two main sea port of Bangladesh – most of the export and import of the country are handled via this port. If an agreement on economic and technical cooperation with?foreign country including china bangladesh can earn a lots of posibilities of?Foreign currency.

DHAKA (Reuters) – Bangladesh will persuade China to use Chittagong port as a commercial outlet for its southern Yunnan province, Foreign Minister Dipu Moni said on Sunday.

The Bangladesh stance was announced nearly three months after Bangladesh had agreed to allow India, Nepal and Bhutan to use its two sea ports mainly Chittagong port.

“It will be a great achievement if China agrees to use our Chittagong port, which we want to develop into a regional commercial hub by building a deep seaport in the Bay of Bengal,” she told a news conference.

The offer for Chittagong port to Beijing will be discussed when Bangladesh Prime Minister Sheikh Hasina visits China from Wednesday on a five-day itinerary, Moni said.

The impoverished south Asian country has taken plans to build an $8.7 billion deep-sea port in three phases to raise bulk cargo handling capacity to 100 million tonnes and container handling to 3.0 million twenty-feet equivalent unit (TEU) containers annually by 2055.

Presently the port handles 30.5 million tonnes of bulk cargo and 1.1 million TEUs annually.

Port officials said when built the port would serve Nepal, Bhutan, southern China, Myanmar and the northeastern region of India.

To use Chittagong port China will need a road or railway link or both between Kunming, the capital of southern Yunnan province with Chittagong via Myanmar, Moni said.

Myanmar last year had agreed to expand a planned road project with Bangladesh to link up with China in a tri-nation network, another foreign ministry official said.?

Bangladesh and Myanmar signed a deal in July 2007 to construct a 25 km (16 mile) road to connect the two countries and construction will begin soon, officials at the Communication Ministry said.

The road project between Myanmar and Bangladesh is nearing completion, a senior foreign ministry official said on Sunday.

Chinese investment for Bangladesh’s energy and IT sectors, boosting trade and seeking assistance for building a $9 billion deep seaport and a $2.5 billion river bridge will be on top of Hasina’s agenda.

China is Bangladesh’s biggest trade partner with annual turnover worth more than $4 billion — with the balance heavily in Beijing’s favour.

If they agreed with our offer i think that bangladesh can use the port properly & also can have a lots of posibilities of foriegn exchange & trade.

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Prime Minister Sheikh Hasina last week , in parliament unveiled her government?s massive plans to develop and modernise all sea, river and land ports of the country in addition to setting up a deep-sea port to boost Bangladesh?s economy.

She said Chittagong and Mongla ports will be prepared for the use of neighbouring countries by implementing various plans including construction of new container terminal, purchasing modern equipment for the two ports and carrying out capital dredging from Sadarghat to the third Karnaphuli Bridge.

The government also plans to construct new river ports at Noapara, Bhairab-Ashuganj and Barguna and a new inland container terminal at Pangaon. Besides, land ports at Teknaf, Hili, Banglabandha and Bibirbazar will be made operative after development work, Hasina said in her scripted answer to a query.

?Only 40 percent capacity of Chittagong port and 10 percent of Mongla port is being currently used. Revenue earning will be more than double when the usage is increased,? she said, adding that the earning will be increased further when neighbouring countries will be allowed to use the two seaports. This will also generate new employment opportunities.

On setting up a deep-sea port at Sonadia Island, Hasina said in light of a cabinet decision work is on to prepare detailed design of the port and explore foreign fund.

The premier said her government plans to introduce computerised container terminal management system at Chittagong Port, construct backward linkage at terminals 4 and 5 at New Mooring container terminal, appoint private global operator for running the terminal.

She said two vessels, one for oily waste reception and another for solid waste, will be purchased to improve environment management of Chittagong Port.

?Radiation detection equipment will be installed at Chittagong Port under the US Megaports Initiative to prevent smuggling of nuclear and radioactive goods through global maritime system,? the premier said.

The Karnaphuli container terminal will be constructed replacing expired jetties 11-13 at Chittagong Port. A multi-storey car-parking shed will be built at the port, she said.

Hasina said the government has planned for bank protection and capital dredging from Sadarghat to the third Karanphuli Bridge to protect important establishments at Chittagong Port from possible risk, and ensure discipline berthing of ships and navigability in Karanphuli channel.

On the development of Mongla Port, Hasina said her government plans to collect cargo handling equipment, cutter suction dredger, dispatch boat, and carry out dredging at outer bar of the Pashur channel and harbour area of the port.

She said activities of Benapole land port will be brought under automation to bring dynamism and transparency in its functions. The port will also have its own cargo handling equipment. Besides, a project to modernise the port will be implemented in two phases, she said.

The premier said Bhomra land port and Barisal river port will also be developed.

Besides, railway network will be set up across the country as well as the network from Dhaka to Cox?s Bazar will be expanded.

Hasina said the number of lanes on Dhaka-Chittagong Highway will be increased to six in phases as the process for upgrading the highway into a four-lane one has begun.

Bangladesh: Chittagong and Mongla port prepared for use by neighbours, deep-sea port to be constructed

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The ports in Penang and Chittagong in Bangladesh are currently in discussions to become sister ports in an effort to enhance co-operation between them.

Bangladesh is keen to make the Penang port its sister port as part of efforts to enhance trade and relationships between the two nations, its Minister of Shipping, Shahjahan Khan, said.

He said Bangladesh, a developing country, was keen to have a greater understanding of the operations of a modern port such as the Penang port.

“We do not have any sister port and we feel that the Penang port will be ideal,” he told a media briefing after a tour of the newly-completed Swettenham Pier International Cruise Terminal here Tuesday.

Shahjahan is leading a delegation on a visit to Penang port. Accompanying them were Penang Port Commission chairman Tan Cheng Liang and Penang Port Sdn Bhd chairman Datuk Seri Dr Hilmi Yahaya.

He said he would discuss the matter with Bangladesh prime minister soon.

“I hope to sign the memorandum of understanding (MOU) with Penang port soon. We are impressed with the development of the port here,” he said.

Meanwhile, Tan said she hoped the MOU could be signed soon as it would help enhance the development of the ports.

“If we sign the MOU with the port, especially Chittagong port, it will help strengthen the relationships between the two nations in terms of port operations,” she said.

She said Penang port has made a steady progress since it was privatised in 1994 and its throughput increased by 3.1 per cent to 958,476 twenty-foot equivalent (TEUs) last year from 929,639 TEUs in 2008.

Tan said the Penang port would undertake projects including the acquisition of container equipment and increase the post-Panamax gantry cranes to 16.

She said the newly-completed international passenger ship terminal at the Swettenham Pier International Cruise Terminal was expected to attract one million passenger arrivals this year.

“With the capabilty of the terminal to receive bigger ships it is expected that the number of passengers staying over in Penang will increase.

“The terminal also has facilities for ferries plying between Penang and Langkawi and between Penang and Medan, Indonesia,” she said.

The 15,000 sq ft terminal also has houses the Customs and Immigration offices and quarantine area.

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