Syria Cancels Russian Stroytransgaz Port Management Contract in Tartus

Syria has terminated its agreement with Russian company Stroytransgaz for managing the port of Tartus, Orda reports, citing Novaya Gazeta.

The investment agreement for Tartus port with the Russian company has been revoked. All port revenues will now be used for the benefit of the Syrian state,  Riad Judi, customs director of Tartus province, told al-Watan newspaper.

Judi says the port is currently operating at minimal capacity due to high fees and logistics costs.

Syria's new government plans to restore entire operations and upgrade equipment that wasn't modernized under the previous agreement.

The investment contract, signed in 2019, granted Stroytransgaz management rights for 49 years.

According to Kommersant, former Syrian Transport Minister Ali Hamoud had stated that the agreement required the company to manage the port and invest $500 million in its modernization.