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01 April 2025
Bunker Port News Worldwideport-and-ship
Apr 01, 2025Bunker Port News Worldwide
Russia’s leading tanker group Sovcomflot’s saw transportation volumes drop around 16% to 63 million metric tons last year compared to 2023, Russian news agency Interfax reported on Friday, citing the group’s CEO Igor Tonkovidov as saying.
The United States and the European Union imposed sanctions on state-controlled Sovcomflot and its fleet in 2024 in an effort to reduce Russia’s revenue from oil sales that it can use to finance its war in Ukraine. The company’s net profit dropped by 55% to $424 million last year.
Sovcomflot hopes that the transportation volume of oil, liquefied natural gas (LNG) and petroleum products will stay at the same level this year, Tonkovidov added. Transportation volumes in 2023 stood at 75 million tons.
The U.S. added more of Sovcomflot’s vessels to its sanctions list this year, restrictions that the company warned would exert increased operational pressure.
Source: Reuters (Reporting by Gleb Stolyarov; Editing by Alexander Marrow and Louise Heavens)
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Taylor Maritime Seals $176 Million From 10 Vessel SaleThree sales have been finalised, with the remaining seven expected to close by December 2025.
Nine previously announced vessel sales have been completed, bringing total gross proceeds to $137.3 million.
These funds, along with a portion of cash reserves, have been used to fully prepay all bank debt in July 2025.
Since January 2023, Taylor Maritime has divested 49 vessels, 22 of which occurred in 2025, at an average 3.1 per cent discount to Fair Market Value.
READ: Triton agrees container leasing company sale
Following these sales, the fleet will consist of eight Japanese-built vessels, one under a JV agreement, and six chartered vessels.
Taylor Maritime will release its next quarterly trading update on 25 July 2025.
Edward Buttery, CEO, Taylor Maritime, stated: “This move was essential for protecting shareholder value amid market uncertainty. With forecasts predicting fleet growth and a slowing global economy, we’ve taken steps to mitigate potential asset value declines.
“While we remain cautious, we’re optimistic about the medium-term dry bulk market outlook and now have sufficient liquidity to pursue opportunities, while ensuring dividend stability.”
In March, the Chinese government reposted content condemning the port deal between CK Hutchison and US firm BlackRock, calling it a ‘betrayal of China’.
Port Technology International
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17 July 20252 min readTaylor Maritime Seals $176 Million From 10 Vessel Sale
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17 July 2025
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Iran Seizes Tanker For Smuggling 2 Million Litres Of Fuel, 17 Crew ArrestedIranian authorities have seized a foreign oil tanker in the Gulf of Oman for smuggling over 2 million litres of fuel. The operation was reported on July 16, by the Chief Justice of Hormozgan province, according to local media outlets.
Officials said the tanker was inspected due to missing or incomplete legal documents related to its cargo. During the inspection, it was found to be carrying 2 million litres of smuggled fuel.
Following the inspection, the vessel was detained. A total of 17 people on board, including the captain and crew members, were arrested. A judicial case has been filed at the prosecutor’s office in Jask county. Iranian authorities have not disclosed the name of the ship, its flag, or the country it was headed to.
The Chief Justice of Hormozgan province said the authorities are currently collecting evidence to confirm the exact quantity of fuel. Laboratory tests and document verification are also underway to confirm the cargo’s contents and its legal status.
Iran’s state-run and semi-official news agencies reported that the judiciary would announce the results of the investigation once the verification process is complete.
The country has some of the lowest fuel prices in the world due to government subsidies and the fall in the value of the Iranian currency. These conditions have made fuel smuggling a serious issue. Smugglers often attempt to move fuel illegally by land into neighboring countries or by sea to Gulf Arab states.
Officials said that individuals involved in smuggling activities, especially those working with foreign partners, will not be shown any leniency if proven guilty.
In March 2025, Iranian authorities reported intercepting two vessels carrying a total of 3 million litres of diesel fuel. Those operations also led to the arrest of 25 crew members.
In April, three more vessels were stopped, and in June, another tanker was detained. In a previous case in April 2025, two ship captains and four crew members were sentenced to five years in prison and fines after being found guilty of smuggling fuel.
Earlier this year, Iran’s Islamic Revolutionary Guard Corps also seized two Tanzanian-flagged tankers, Sea Ranger and Salama, for allegedly transporting 1.5 million litres of diesel in the Gulf. Those vessels and their 25 foreign crew members were transferred to the port of Bushehr for further legal proceedings.
Reference: Reuters
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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17 July 20254 min readIran Seizes Tanker For Smuggling 2 Million Litres Of Fuel, 17 Crew Arrested
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Genco Shipping & Trading Closes New $600 Million Revolving Credit Facility, Increasing Borrowing Capacity By 50%in Dry Bulk Market,International Shipping News
16/07/2025
Genco Shipping & Trading Limited, the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced it has closed a $600 million revolving credit facility, amending its existing facility to provide significant capacity to pursue accretive growth opportunities among other uses.
Key terms of the $600 million revolving credit facility include:
John C. Wobensmith, Chief Executive Officer, commented, “We are pleased to have meaningfully increased our borrowing capacity under attractive terms, which is a reflection of Genco’s industry leading balance sheet and our strong track record of executing our proven value strategy and providing shareholder returns through the drybulk cycle. Having significant capital readily available puts Genco in a highly advantageous position to act decisively to capture attractive growth opportunities for shareholders. We believe that Genco’s capital structure offers a compelling risk-reward balance, while also providing significant financial flexibility and optionality that goes hand-in-hand with our capital allocation strategy focused on dividends, deleveraging and growth. We maintain an overall positive view of the drybulk market, due to the solid supply side fundamentals, and with $500 million of undrawn revolver availability, we are in an optimal position to renew and grow our asset base.”
Peter Allen, Chief Financial Officer, commented, “With this latest increased $600 million credit facility, Genco achieved several important objectives, including upsizing our borrowing capacity, extending maturity, reducing margin, and improving several other key terms. Notably, the lack of commitment reductions until March 31, 2027 enables Genco to maintain the full $600 million of borrowing capacity for an extended period of time adding to our optionality as markets develop. Furthermore, the full revolving credit facility structure fits well into our broader capital allocation approach, providing the flexibility to continue to paydown debt while maintaining the ability to strategically access capital when attractive opportunities materialize. We appreciate the continued support of our high-quality bank group, as we continue to execute Genco’s strategy.”
Lenders of the revolving credit facility include reputable international shipping banks that are a part of our existing bank group. Nordea Bank Abp, New York Branch (“Nordea”) acted as Coordinator, Sustainability Coordinator, Administrative Agent, Collateral Agent and Security Trustee. Nordea, Skandinaviska Enskilda AB (publ), DNB Markets, Inc and ING Capital LLC acted as Mandated Lead Arrangers & Bookrunners, CTBC Bank Co., Ltd as Mandated Lead Arranger and First-Citizens Bank & Trust as Co-Arranger.
Genco has $100 million of debt outstanding and $500 million of undrawn revolver availability as of the date of this press release.
*Margin is based on a grid of 1.75% to 2.15% depending on total net indebtedness to EBITDA. This is down from 1.85% to 2.15% previously. The commitment fee on undrawn amounts is reduced from 40% of margin to 35% of margin.
Source: Genco Shipping & Trading Limited
Hellenic Shipping News
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16 July 20253 min readGenco Shipping & Trading Closes New $600 Million Revolving Credit Facility, Increasing Borrowing Capacity By 50%
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16 July 2025
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Its Begins $365 Million Terminal Expansion At Port Of Long BeachInternational Transportation Service (ITS) has officially launched a major expansion project at the Port of Long Beach to increase cargo-handling efficiency and create more terminal space.
The $365 million project broke ground on July 11 and will add 19 acres of new land to the Pier G terminal by filling in an unused water slip.
The extra space will be used to stack more cargo containers and improve terminal operations. ITS also plans to build a 3,400-foot-long wharf that will allow two of the world’s largest container ships to dock at the same time.
City officials welcomed the project, saying it will benefit the port, the local workforce, and the overall supply chain. Long Beach’s Mayor said that ITS, a longtime tenant of the port for over 50 years, is making an investment that will bring long-term advantages. The mayor also mentioned that the expansion would help move cargo more smoothly and create stable union jobs with good pay.
Port of Long Beach officials shared that ITS was the first company to sign a “green lease” nearly 20 years ago, showing early commitment to reducing environmental impact. They said that ITS is now continuing that effort by increasing terminal capacity. According to the Port’s CEO, the new construction will support the U.S. economy by building up infrastructure and boosting efficiency.
The Long Beach Board of Harbor Commissioners also highlighted ITS’s work in reducing emissions and moving more cargo by rail. Officials described the company as a strong environmental partner and praised its efforts to modernise operations.
ITS said the project will rely on local labor and American-made materials. According to ITS Long Beach’s CEO, the goal is to strengthen the nation’s supply chain while keeping both economic and environmental benefits in the U.S. The company stated that this expansion prepares them for the future of global trade by upgrading key infrastructure right at home.
The ITS terminal is located in the outer harbor and is currently divided by a large slip, which is no longer needed. The plan is to fill this area using approximately 2.5 million cubic yards of sediment. This fill material will come from two sources: reused sediment from the Port’s Harbor District and dredged sediment from Newport Harbor in Newport Beach.
Construction is expected to be completed by late 2028. Once finished, the expanded terminal will give ITS and the Port of Long Beach more space, greater ship-handling capacity, and a smoother, more efficient cargo flow.
Reference: Port of Long Beach
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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16 July 20254 min readIts Begins $365 Million Terminal Expansion At Port Of Long Beach
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Dp World To Develop, Operate Syrian Port In $800M, 30-Year DealPhoto credit: DP World
DP World has signed a 30-year concession agreement with Syria’s General Authority for Land and Sea Ports to develop and operate the Port of Tartus, according to DP World announcement.
As part of the agreement, DP World will invest $800m over the duration of the concession to upgrade the port’s infrastructure and position it as a critical regional trade hub connecting Southern Europe, the Middle East and North Africa.
Following over a decade of conflict and long-standing underinvestment in trade infrastructure, the redevelopment of Tartus marks an important step in Syria’s economic reintegration.
Structured as a Build-Operate-Transfer (BOT) model and fully owned by DP World, the project will include new infrastructure, advanced cargo-handling equipment, and digital systems to improve efficiency across the port’s container and general cargo terminals.
Sultan Ahmed bin Sulayem, chairman and group CEO of DP World, said: “We see strong potential in Tartus to serve as a vital trade gateway and look forward to strengthening regional connectivity and economic opportunity through this investment. We believe in the power of trade to help drive long-term stability and prosperity for Syria and the region.”
Located on Syria’s Mediterranean coast, Tartus is the country’s second-largest port and a key maritime gateway to trade routes across Europe, the Levant and North Africa.
Its strategic position enhances regional connectivity, complementing existing routes through the Bosporus and Suez.
The redevelopment will enable Tartus to handle general cargo, containers, breakbulk, and roll-on/roll-off traffic, expanding Syria’s trade potential as the country continues to rebuild.
DP World will also explore opportunities to develop free zones, inland logistics hubs, and transit corridors in partnership with local stakeholders.
Trade drives reintegration and resilience.I’m proud to have signed a 30-year agreement to redevelop Syria’s Tartus Port – in the presence of President Ahmed Al-Sharaa – with a USD 800M investment to reconnect the region through trade and infrastructure. pic.twitter.com/TnZC5iVTa9
Shipping Telegraph
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15 July 20252 min readDp World To Develop, Operate Syrian Port In $800M, 30-Year Deal
Shipping Telegraph
15 July 2025
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Port Of Long Beach Breaks Ground On $365 Million Terminal Expansion ProjectBreaking ground on a $365 million terminal expansion project at the ITS terminal at Pier G in the Port of Long Beach. The project to fill in a slip will create 19 acres of new land in the terminal. Photo courtesy Port of Long Beach
International Transportation Service (ITS) has broken ground on a significant terminal expansion project at the Port of Long Beach that will substantially increase capacity and operational efficiency.
The $365 million project will create 19 acres of new land by filling an unneeded slip in the middle of the Pier G terminal. Additionally, ITS will construct a single, continuous wharf measuring 3,400 feet, allowing the simultaneous accommodation of two of the industry’s largest cargo ships.
“This investment by ITS will create benefits for decades to come with more cargo moving smoothly without delays and greater opportunities for waterfront labor – union jobs with good, dependable incomes,” said Long Beach Mayor Rex Richardson.
Port of Long Beach CEO Mario Cordero highlighted ITS’s environmental commitment, noting that the company “became our first to sign a green lease” nearly 20 years ago.
Located in the outer harbor, the ITS terminal is currently split by the south slip, which will be filled with approximately 2.5 million cubic yards of reused sediment from within the Harbor District and dredged materials from Newport Harbor. The project is expected to be completed in late 2028.
“This project strengthens America’s supply chain by investing in infrastructure the right way — using local labor and U.S.-made materials,” said ITS Long Beach CEO Kim Holtermand.” We’re not just preparing for the future — we’re building it here, at home.”
The expansion aligns with the Port’s Green Port Policy, established in 2005, which has implemented programs to improve environmental conditions while maintaining sustainable practices.
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15 July 20252 min readPort Of Long Beach Breaks Ground On $365 Million Terminal Expansion Project
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15 July 2025
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Dp World To Invest $800M Developing Syrian PortDP World has signed a 30-year concession agreement with Syria’s General Authority for Land and Sea Ports to develop and operate the port of Tartus.
As part of the agreement, DP World will invest $800m over the duration of the concession to upgrade the port’s infrastructure and position it as a regional trade hub connecting southern Europe, the Middle East and North Africa.
Following over a decade of conflict and long-standing underinvestment in trade infrastructure, the redevelopment of Tartus marks an important step in Syria’s economic reintegration. Structured as a build-operate-transfer (BOT) model and fully owned by DP World, the project will include new infrastructure, advanced cargo-handling equipment, and digital systems to improve efficiency across the port’s container and general cargo terminals.
DP World will also explore opportunities to develop free zones, inland logistics hubs, and transit corridors in partnership with local stakeholders, supporting broader economic diversification and trade facilitation efforts.
In May, CMA CGM signed a 30-year deal with the new Syrian government to develop Latakia port, including building a new berth and investing $260m to bolster Syria’s top port.
Trade drives reintegration and resilience.I’m proud to have signed a 30-year agreement to redevelop Syria’s Tartus Port – in the presence of President Ahmed Al-Sharaa – with a USD 800M investment to reconnect the region through trade and infrastructure. pic.twitter.com/TnZC5iVTa9
Splash247
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14 July 20252 min readDp World To Invest $800M Developing Syrian Port
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14 July 2025
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Dp World Signs $800M Deal To Develop Tartus PortThe Build-Operate-Transfer (BOT) deal includes an $800 million investment over the concession period to modernise the port and establish it as a strategic trade hub linking Southern Europe, the Middle East, and North Africa.
The agreement was signed in Damascus by Sultan Ahmed bin Sulayem, Chairman and Group CEO of DP World, and Qutaiba Ahmed Badawi, Chairman of the General Authority for Land and Sea Ports, in the presence of Syrian President His Excellency Ahmed Al-Sharaa.
Following over a decade of conflict and limited infrastructure investment, the Tartus redevelopment is a key step in Syria’s economic reintegration.
The project will introduce upgraded infrastructure, advanced cargo-handling equipment, and digital systems to improve operations across both container and general cargo terminals.
READ: DP World debuts scanner to cut customs delays in Constanta
Sultan Ahmed bin Sulayem, Chairman and Group CEO of DP World, said: “We see strong potential in Tartus to serve as a vital trade gateway and look forward to strengthening regional connectivity and economic opportunity through this investment.
“We believe in the power of trade to help drive long-term stability and prosperity for Syria and the region.”
READ: DP World sets record with slag vessel at Egyptian port
Qutaiba Ahmed Badawi, Chairman of Syria’s General Authority for Land and Sea Ports, stated: “Partnering with DP World will allow us to modernise and strengthen the efficiency of our trade infrastructure as we continue to rebuild key trade lanes, support the national economy and provide more opportunities for the Syrian people.
“The agreement reflects our shared vision to transform Tartus into a strategic gateway linking Syria with regional and international markets and it will pave the way for sustainable growth for years to come.”
Tartus, located on Syria’s Mediterranean coast, is the country’s second-largest port and a critical access point to regional and international shipping routes, including those through the Bosporus and Suez Canal.
The redevelopment will expand the port’s capacity to handle general cargo, containers, breakbulk, and RoRo traffic.
DP World also plans to explore further logistics projects in Syria, such as free zones, inland logistics hubs, and transit corridors, in coordination with local partners.
Recently, DP World‘s terminal at the Port of Callao reported record volumes, including a 19 per cent increase in container throughput and a sharp rise in agricultural exports.
Port Technology International
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14 July 20252 min readDp World Signs $800M Deal To Develop Tartus Port
Port Technology International
14 July 2025
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Its Announces $365M Terminal Expansion At Port Of Long BeachFeature image: © ITS
The project, set to begin in July 2025 and finish by December 2028, will be delivered by the Dutra / Griffith Company Joint Venture, with a strong focus on using American materials and local labour.
Once completed, the expanded ITS terminal will increase cargo-handling capacity by up to 50 per cent, positioning ITS for long-term growth at one of the world’s busiest ports.
A key component of the project is a 560-foot extension of the existing quay, achieved by filling in a 19-acre “horseshoe” gap at the terminal. This upgrade will enable ITS to berth up to two 18,000 TEU container vessels simultaneously, significantly increasing overall terminal throughput.
READ: Port of Long Beach eyes June rebound after May decline
Kim Holtermand, Chief Executive Officer of ITS Long Beach, commented: “This project strengthens America’s supply chain by investing in infrastructure the right way, using local labour and US-made materials. We’re not just preparing for the future, we’re building it here, at home.”
Mario Cordero, CEO of the Port of Long Beach, added: “By ‘building more America now’, ITS is also building more land for the Port of Long Beach while expanding capacity and driving efficiency on its terminal.”
READ: Port of Long Beach named busiest US port in Q1 2025
The project is expected to create over three years of consistent employment for local workers, union trades, and small businesses.
Materials will be sourced domestically, including rock from Catalina Island, dredged materials from Newport and the Port of Long Beach Harbour, and American-made concrete pilings and structural materials installed by local subcontractors.
The South Slip Fill Project follows earlier upgrades at the ITS Long Beach terminal, such as the introduction of the port’s first on-dock rail system and new electric ship-to-shore cranes.
The Port of Long Beach is ramping up green investment. In March this year, the port announced plans to allocate up to 70 per cent of its annual budget for zero-emission truck incentives, refocusing on fleet turnover as charging and fuelling infrastructure for zero-emission vehicles continues to expand.
Port Technology International
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14 July 20252 min readIts Announces $365M Terminal Expansion At Port Of Long Beach
Port Technology International
14 July 2025
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Dp World To Invest $800 Million To Rebuild Syria’S Tartus PortDP World, a Dubai-based logistics company, has signed a 30-year concession agreement with Syria’s General Authority for Land and Sea Ports to develop and operate the Port of Tartus.
As part of this long-term deal, the company will invest USD 800 million over the full period to upgrade the port’s infrastructure and help turn it into a regional trade hub.
The agreement was signed in Damascus in the presence of the President of the Syrian Arab Republic, Ahmed Al-Sharaa. It was signed by Sultan Ahmed bin Sulayem, Chairman and Group CEO of DP World, and Qutaiba Ahmed Badawi, Chairman of the General Authority for Land and Sea Ports.
The Port of Tartus is located on Syria’s Mediterranean coast and is the second-largest port in the country. The redevelopment comes after more than ten years of conflict and is expected to support Syria’s economic recovery and improve its role in international trade.
DP World will fully own the project during the concession under a Build-Operate-Transfer (BOT) model. The plan involves developing new infrastructure, upgrading cargo-handling equipment with advanced technology, and implementing digital systems to enhance efficiency at the port’s container and general cargo terminals.
The company sees strong potential in Tartus to become an important trade gateway that connects Southern Europe, the Middle East, and North Africa.
With this agreement, Syria aims to modernise the Port of Tartus, improve the efficiency of its trade operations, rebuild its key trade routes, support the national economy, and create more opportunities for Syrian people.
Once redeveloped, the port will be able to handle general cargo, breakbulk, containers, and roll-on/roll-off traffic. Its strategic location will boost regional connectivity and expand Syria’s trade capacity. The port’s position also complements existing routes through the Bosporus and the Suez Canal.
DP World also plans to explore other opportunities in Syria. These include setting up free zones, inland logistics hubs, and transit corridors in partnership with local stakeholders. These efforts aim to support economic diversification and improve trade in the region.
Reference: DP World
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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14 July 20253 min readDp World To Invest $800 Million To Rebuild Syria’S Tartus Port
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14 July 2025
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Its Announces $365 Million Expansion Project At Port Of...July 14, 2025
International Transportation Service (ITS) has announced the launch of the South Slip Fill Project, a $365 million terminal expansion that will support some of the world’s largest container ships and deliver long-term benefits to the local economy.
When completed in 2028, the larger ITS terminal at the Port of Long Beach will increase cargo-handling capacity up to 50 percent and position ITS for long-term growth at one of the world’s busiest ports.
A key part of the project is a 560-foot extension of the existing quay (wharf). This upgrade, which begins with filling in a 19-acre “horseshoe” gap at the terminal, will allow ITS to simultaneously berth up to two 18,000 TEU container vessels, a step forward in handling the next generation of ultra-large ships and increasing overall terminal throughput.
Scheduled to begin in July 2025, the project will be delivered by the Dutra / Griffith Company Joint Venture, with a focus on domestic sourcing and regional job creation. The South Slip Fill Project will create more than three years of consistent employment for local workers, union trades, and small businesses.
The wharf expansion project is the latest in a series of upgrades at the ITS Long Beach terminal. Prior improvements includes the first on-dock rail system at the Port of Long Beach and the addition of five new electric ship-to-shore cranes capable of serving the largest container ships.
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14 July 20252 min readIts Announces $365 Million Expansion Project At Port Of...
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Syria Signs $800 Million Agreement With Dp World To Bolster Ports InfrastructureA drone view shows port of the coastal city of Latakia, Syria March 11, 2025. REUTERS/Karam al-Masri
July 13 (Reuters) – Syria’s General Authority for Land and Sea Ports on Sunday signed a $800 million agreement with UAE’s DP World to bolster Syrian ports infrastructure and logistical services, Syrian state news agency SANA reported.
The agreement follows on from a memorandum of understanding signed between the two sides in May.
The deal with DP World, a subsidiary of United Arab Emirates investment company Dubai World, focuses on developing a multi-purpose terminal at Tartous on Syria’s Mediterranean coast and cooperation in setting up industrial and free trade zones.
The signing ceremony was attended by Syrian President Ahmed al-Sharaa.
Last month, U.S. President Donald Trump signed an executive order terminating a U.S. sanctions program on Syria, paving the way for an end to the country’s isolation from the international financial system and for the rebuilding of its economy shattered by the civil war.
The removal of U.S. sanctions will also clear the way for greater engagement by humanitarian organizations working in Syria, easing foreign investment and trade as the country rebuilds.
(Reporting by Elwely Elwelly; Writing by Menna Alaa El-Din; Editing by Louise Heavens and Jane Merriman)
(c) Copyright Thomson Reuters 2025.
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13 July 20252 min readSyria Signs $800 Million Agreement With Dp World To Bolster Ports Infrastructure
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13 July 2025
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