The new Syrian authorities have terminated the investment agreement for the management of the Port of Tartus, which was signed with a Russian company in 2019, Riad Judi, director of the Tartus Governorate customs department, told the Syrian newspaper Al Watan.

According to him, the Syrian transitional government is working on the reconstruction of this port, trying to restore its full operation. In particular, the new Syrian authorities have reduced customs duties for some categories of goods by 60%.

The aforesaid official noted that the Port of Tartus is practically non-functional due to high fees and cost of logistics services.

"The contract on investments in the Port of Tartus, which was signed with a Russian company, has been canceled. All income from the port's activities will be used for the benefit of the Syrian state. The port workers will go back to repairing worn out equipment that the company was using without the upgrades required by the agreement,” Judi added.

The Syrian government had signed the aforesaid investment agreement with the Russian company Stroytransgaz in 2019, and it was intended for 49 years. According to former Syrian transport minister Ali Hamoud, the document stated that the Russian side would manage the Port of Tartus and invest more than $500 million in its modernization.