Transport Minister: Tartous Harbor investment contract with Russia is a strategic project with high economic benefits

Damascus, SANA – Transport Minister Ali Hammoud said the contract with Russia for the investment of Tartous Harbor is a strategic plan that will lead to huge investments that should contribute to the reconstruction of Syrian and produce very high economic returns, all while preserving the jobs of existing workers and providing new job opportunities.

In an interview given to the Syrian TV on Monday, Hammoud said the 49-year duration of the contract is natural for such a large project given the nature of the funds invested in it, and this is done in such contracts all over the world.

He said the agreement with the Russian side stipulates for managing and investing in the harbor in order to open a new harbor that suits Syria’s geographic position and produces new investments, adding that the agreement will preserve the jobs of existing workers and provide new job opportunities, since the expansion of the harbor will need more workers to deal with the higher capacity of shipments the harbor will deal with.

On Syria’s revenues as per the contract, the Minister said Syria will receive 25% of revenues regardless of costs, with this percentage increasing to 35% gradually until the expansion is completed.

He elaborated by saying that in its current state, the harbor can produce a maximum revenue of USD 24 million annually, but with the Russian investment contract, Syria would receive USD 84 million annually.

Hammoud concluded by stressing that the harbor will remain Syrian, as it is managed by a country that is friend of Syria.

Hazem Sabbagh

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