The Bay Terminal project at Chittagong seaport will now include an oil terminal, adding to the three planned terminals. Construction is set to begin mid-2024 with partial operations by 2026. The Master Plan, unveiled by Prime Minister Sheikh Hasina and prepared by South Korean firms, now features a fourth terminal for gas and oil.
The World Bank approved USD 650 million for the project, and Abu Dhabi Ports Group committed $1 billion. A private company proposed investing $3.4 billion in the oil terminal. The 900-acre Bay Terminal will allow larger ships to berth, increasing container capacity from 3.1 million to 5 million TEUs annually and boosting the national economy by 2-3%.