French company CMA CGM invests in Lattakia port

Damascus, SANA- General Authority of Land and Sea Ports signed Thursday an agreement with the French company CMA CGM at the People’s Palace in Damascus to manage and operate the container terminal at the port of Lattakia province.

Mazen Alloush, Director of Relations at the General Authority for Land and Sea Ports, said in a statement to SANA Agency that the duration of the agreement is 30 years, which is the internationally approved duration for this type of investment to ensure economic feasibility and achieve the desired development goals.

Alloush said that during this period, the French company will begin pumping initial investments worth 30 million euros during the first year, allocated to developing the infrastructure and superstructure and maintaining the current equipment and sidewalks.

Furthermore, introducing modern operating systems and technology adopted by the company in other international ports, it will also pump additional investments amounting to 200 million euros in the following three years.

The director pointed out that the agreement gives the French company responsibility for managing and operating the container terminal, while the state reserves the right to monitor and evaluate, and all rights of national sovereignty remain fully preserved within the legal framework regulating maritime investment contracts.

Alloush stated that the agreement falls within the provisions of the Syrian Investment Law, with recourse to the International Chamber of Commerce in London for arbitration in the event of disputes, which reflects international confidence and enhances the legal reliability of the contract.

He stressed that all operations will take place under state supervision in accordance with applicable laws, without granting any exceptional operational privileges to the French company, and that the work will depend on Syrian cadres with training and qualification programs on the latest operational systems.

Fedaa