(MENAFN) Philippines' International Container Terminal Services (ICTS) announced that it will quit its operations in Syria's Tartous container port, due to escalating violence, reported Reuters.
The port operator said that Western sanctions imposed on President Bashar Al Assad, a deteriorating currency crisis and a rising exodus of foreign firms have negatively affected the Syrian economy.
In 2007, the company inked a 10-year deal with Syria to operate and manage the container terminal at Tartous.
ICTS said that the terminal is already being managed by the Syrians, and there's a transition period of no more than 1 month to turn it over properly.
It is worth noting that the operator has evacuated all of its Filipino employees from Syria.
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