MANILA: Philippine port operator International Container Terminal Services Inc. (ICTSI) said Friday it is pulling out of Syria owing to instability caused by the civil war.
ICTSI, which signed a 10-year agreement to operate the Tartous container terminal in 2006, cited "the civil war in that country, and the resulting untenable, hostile and dangerous business environment".
"The Syrian civil war is escalating, exposing everyone, both combatants and civilians, to increasing threats of death and destruction every day," the company said in a statement.
Writing off the the Tartous contract and remaining assets in the area would cost $1.2 million, ICTSI said, adding that it would save $4 million annually in port fees and operating expenses.
ICTSI said it had already withdrawn all its Filipino employees from the war-torn country before announcing the pull-out.
ICTSI operates numerous ports in the Philippines and around the world including the United States, Japan, India, Brazil, Indonesia, Argentina, Mexico and Poland.
Manila has been evacuating its nationals who are working in Syria, which has been gripped by fighting since early 2011 and has already flown more than 3,200 out of the country. (AFP)
