ICTSI pulls out of Syria

Under the Investment Agreement between TICT and Tartous Port General Company (TPGC), wars and civil disorders constitute force majeure.

Writing off the TICT contract and remaining net assets in its 2012 consolidated accounts would amount to US$1.2m; conversely, ICTSI will be saving US$4m annually in port fees and cash operating expenses.

Economic and business conditions in Syria have been volatile as a result of trade sanctions by the European Union and the United States, along with the closing of the Syrian-Iraqi border. The Port of Tartous, where TICT operates, should have been the transit point for transhipment trade to and from Iraq.