Tartus, Syria (PortSEurope) June 12, 2019 – Syria’s parliament reports that it approved a bill to ratify a contract with Russian company STG Engineering (Stroytransgaz) regarding investments in the port of Tartus.
The bill is based on an intergovernmental protocol, concluded in December 2018.
“Under the contract, STG Engineering is exempt from customs duties on the import of tools, materials and equipment necessary for the project and from all taxes and duties in Syria from the start of the contract until the end of the port expansion project, but not more than six years,” the government said.
The bill also envisages the establishment of a board of directors of six people, three from each of the parties.
Transport Minister Ali Hamoud said that about $50 million (€44.2 million) are to be invested in the expansion of the port, after which its capacity will be increased to 40 million tonnes instead of the current 12 million.
JSC Stroytransgaz is one of the largest Russian contractors offering a full range of construction and engineering services in the field of construction of facilities of the power, oil and gas and petrochemical industries, transport and civil infrastructure.
In April this year, the Syrian authorities have concluded a 49-year investment contract with Russian company Stroytransgaz for the expansion and operation of the port of Tartus, transport minister Ali Hamud said.
A total of $500 million (€449.5 million) will be invested in the reconstruction of the port, including the expansion of the port in the north and the construction of new infrastructure. As a result, its handling capacity should increase from the current 4 million to 38 million tonnes per annum.
The ports of Tartus and Latakia were managed by the Philippine’s International Container Terminal Services until 2011, when due to the civil war in Syria, they were classified as dangerous areas.
A more detailed PortSEurope article on the Tartus port situation can be accessed here.
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