Syria's General Authority for Land and Sea Ports said on Wednesday that it had agreed to a new contract with French shipping and logistics group CMA CGM to operate the container terminal at the Latakia port.
The Syrian port authority said in a statement that the contract would include new terms and mechanisms, and the settling of all previous dues by both sides, without providing details.
CMA CGM did not immediately respond to a request for comment.
A Syrian source familiar with the negotiations told Reuters that the talks leading up to the new contract included changes to revenue distribution and the length of the contract.
The source said Syrian authorities had hoped to negotiate a larger share of the revenues than the previous contract, a shorter timeframe for the terminal lease and technical improvements, including a new ship deck.
Latakia port is Syria's main maritime gateway. CMA CGM began managing Latakia's container terminal in 2009 and the contract was repeatedly renewed, most recently in October 2024 for an additional 30 years by authorities under Syria's now-toppled leader Bashar al-Assad.
Assad was ousted from power on Dec. 8 by a lightning rebel offensive, and a transitional government is now in power.
CMA CGM is controlled by Franco-Lebanese billionaire Rodolphe Saade and other members of his family which has roots in Syria.
(Reuters - Reporting by Maya Gebeily in Beirut and Gus Trompiz in Paris; Writing by Nayera Abdallah; Editing by Kevin Liffey and Mark Porter)
