Philippine port operator quits Syria
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The Manila-based International Container Terminal Services Inc (ICTSI) is pulling out of Syria amid a "full-fledged" civil war that continues to threaten the financial viability of the company's operations and the safety of its personnel.
On Friday, the company said the decision came following failed negotiations with its Syrian partner for relief “from the clear imbalance of the parties’ economic relationship”, which the company said was a breach of their initial deal. As a result, ICTSI’s unit Tartous International Container Terminal (TICT) filed a notice of termination of its investment agreement with Syria’s Tartous Port General Co.
“TICT was left with no choice but to issue the notice of termination when Syria plunged into a state of full-fledged civil war, which exposed everyone to increasing threat of death and destruction on a daily basis,” ICTSI told the local bourse.
