Syria’s new authorities have terminated an investment contract about the management of Syria’s Tartus seaport, concluded with a Russian company back in 2019, the Al Watan newspaper reported citing a senior Syrian customs official, Report informs via TASS.

“The agreement on investment into the port of Tartus, signed with a Russian company, has been annulled. All incomes from the port’s activities will be used in Syria’s interests,” Tartus province customs department chief Riad Judi said.

The 49-year-long agreement was signed between the Syrian government and Russia’s Stroytransgas company in 2019. The document envisaged that the Russian side will manage the port over that period, investing over $500 million into its modernization.