Transport Minister: Investment Contract of Tartous Port with Russia … a Strategic Project

Damascus – Minister of Transport Eng. Ali Hamoud said that the investment contract of Tartous Port with the Russian side is a strategic project and will lead to large investments contribute to the re -construction of Syria, achieve very large economic revenues and maintain the existing workers in addition to attract new workers.

Eng.  Hamoud said in an interview with the Syrian channel on the details and terms of the contract that the length of the investment is 49 years, which is the same in all the contracts that are taking place in the world in relation to such large strategic projects and the amount of money injected, especially that Syria is building strategic partnerships with its friends, including Russia, whereas Tartous port will be one of the most important ports on the Mediterranean Sea.

“It was agreed with the Russian side on the management and investment of the port and putting new investments to open a new port commensurate with the geographical position of Syria and leads to large investments contribute to the reconstruction of Syria and the passage of goods through transit to neighboring countries to achieve a very large economic benefit, pointing out that the process of expanding the port to receive vessels whose cargo is more than double the load of existing vessels and the workers will be from Syria,” the Minister said.

Regarding the Syrian revenues under the contract, Minister Hamoud said: “We have taken 25 percent of the revenues regardless of expenditures. This percentage will increase to 35 percent gradually with the completion of the port implementation.”

 He said that by comparing what Syria could enter from the port with its current status and its highest level (mln 16 tones) per year, the income will be $ 24 million annually, but in the case of Russia’s investment to the port, Syria will achieve $ 84 million a year, more than three times.

The Minister of Transport stressed that Syria did not abandon the port and it will be managed by a Syrian-friendly superpower, the Syrian state does not accept partnerships with companies from countries that fought the Syrian people who sacrificed and offered the martyrs in order to keep the sovereignty of Syrian decision and to remain free in our decisions and build our partnerships as we want and not as enemies want.

Sh. Kh.