People’s Assembly Approves Bill to Ratify Syrian-Russian Contract on Tartous Port Investment
DAMASCUS, (ST)-People’s Assembly (PA) on Wednesday, approved a bill that provides for ratifying a contract signed between Syria’s Tartous Port General Company and the Russian STG (Stroytransgaz) Engineering regarding the investment of Tartous Port.
According to the contract the Russian company is exempted 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 bill also envisages the establishment of a board of directors of six people, three from each of the parties.
The bill is based on a cooperation protocol concluded in December 2018 by the 11th session of the Syrian-Russian Joint Committee.
A number of PA members said that the approved bill supports the Syrian economy and serves the national interest and it is a key step in the coming process of reconstruction as it contributes to upgrading Tartous Port services, according to the Syrian news Agency.
Transport Minister Ali Hammoud clarified during the PA session that the 49-year contract with the Russian STG Engineering is the best investment for the port as to benefit from its strategic position, to achieve suitable revenues and to make it an economic and trade investment gate for Syria, particularly in the light of competition with the ports of the neighboring countries
Hamoud added 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.
Under the contract, the Russian company will be responsible for the management of the port, but its ownership will continue to be Syrian, the minister said.
In April this year, the Syrian government concluded a 49-year investment contract with Russian company Stroytransgaz for the expansion and operation of the port of Tartous.
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.
Hamda Mustafa