King & Wood Mallesons has advised International Finance Corporation (IFC), the Chittagong Port Authority and the PPP Authority in structuring and negotiating a concession agreement for the equipment, operation and maintenance of the Patenga Container Terminal located in Chattogram, Bangladesh.
The concession was awarded to Red Sea Gateway Terminal, a port operator from Saudi Arabia, for 22 years. This is the first privatization of a port container in Bangladesh and will increase competition and international standards in the ports sector.
KWM drew on its strong cross border capability with the team being led by Gilles Cardonnel (Sydney/Hong Kong office) with support by Senior Associate Gallien Lefevre (Hong Kong office), Associate Mary Li (Hong Kong office).
Commenting on the deal, Gilles Cardonnel said:
“It’s a pleasure to support both IFC, the Chittagong Port Authority and the PPP Authority on this significant concession which marks Bangladesh’s first private-sector run port terminal. We trust that this concession will set the benchmark for any further privatisation in the port sector in Bangladesh”.
