CMA CGM expands management agreement for Syria’s Latakia box terminal
- New 30-year concession includes construction of additional containership berth
- Investment by CMA CGM is valued at about $260m
CMA CGM has been managing Latakia’s box terminal since 2009
CMA CGM has signed a new long-term deal to manage and expand the container terminal at the Syrian port of Latakia.
The Marseille-headquartered company signed a 30-year agreement with the new Syrian government, which will include developing Latakia.
The deal includes for construction of a new containership berth capable of handling the largest boxships.
The investment by CMA CGM is valued at $260m over the course of the partnership. The company has managed Latakia’s container terminal since 2009.
Under the terms of the new agreement the Syrian government will take 60% of revenues while CMA CGM will receive the remaining 40%.
The agreement was signed by Syrian President Ahmed al-Sharaa, CMA CGM’s Joseph Dakkak and Latakia port director Ahmed Mustafa in Damascus.
