French carrier CMA CGM has signed a concession agreement with Syria's Lattakia Port General Co. to manage and operate a container terminal in the port of Lattakia for a period of 10 years, with an option for a 15-year extension.
The Lattakia Container Terminal will be operated by a consortium composed of CMA CGM/Terminal Link, with a 51-percent stake, and Souria Holding, a Syrian limited liability company, with a 49-percent stake.
The consortium will take over the terminal's operations in July.
Lattakia is Syria's main port on the Mediterranean. Its container terminal is located on 170 acres, has a 3,189-foot berth and a total depth ranging between 38 feet and 44 feet. It handled a total of 570,000 TEUs in 2008.
The consortium plans to increase the terminal's capacity to 1 million TEUs by 2012 as it invests in infrastructure and equipment throughout the concession period.