Lattakia container terminal

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In February 2009, the government owned port authority of Lattakia awarded a 10-year lease-affermage contract to operate the 570,000 TEU Lattakia container terminal to a private joint venture composed by French company CMA CGM (51%) and Syrian company Souria Holding (49%). The contract was awarded by direct negotiation. Under the term of the contract, the private consortium was expected to operate the container terminal for 10 years (extendable to 15 years), to increase the terminal’s capacity to 1 million TEU by 2012 and to invest US$45 million for rehabilitation over 10 years. Revenue from operation was expected to be shared between the private sponsor and the government owned port authority. Details on revenue sharing breakdown were not publicly available. The private consortium took over operation in July 2009.