ICTSI Pulls Out of War-Torn Syria

Philippine port operator International Container Terminal Services, Inc., is abandoning its business in Syria because of the dangerous environment caused by the country’s civil war.

Under the investment agreement between ICTSI's Syrian subsidiary Tartous International Container Terminal, which has been operating at the Port of Tartous, and Tartous Port General Company, wars and civil disorders constitute force majeure.

Trade sanctions by the European Union and the United States and ongoing strife have had negative impacts on volume, setting it back several years, and performance was also hurt by delays in government deliverables under the contract, ICTSI said in a written statement.