MANILA: Philippine port operator International Container Terminal Services Inc said yesterday it is pulling out of Syria owing to instability caused by the civil war.
International Container Terminal Services Inc, 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 Tartous contract and remaining assets in the area would cost $1.2m, International Container Terminal Services Inc said, adding that it would save $4m annually in port fees and operating expenses.
International Container Terminal Services Inc said it had already withdrawn all its Filipino employees from the war-torn country before announcing the pull-out.
In November 2006, the company entered into a 10-year Investment Agreement with the Tartous Port General Company to operate the Tartous container terminal in Syria with an option to extend it for five additional years. International Container Terminal Services Inc 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
