According to Dawn news reports, the agreement between the Russian firm Stroytransgaz and Damascus was inked in late April for the expansion, operation, and management of Tartus Port.
It is one among various lucrative contracts signed between Syria and Russia, which holds a naval base in Tartus port and a key ally of Syrian President Bashar al-Assad’s government.
The bill was approved on Wednesday, which is still on hold as it needs to be green signalled by the president of Syria, will establish a board of directors in order to oversee the operation and management of the Tartus port, according to state-run SANA news agency reports.
Under the signed pact, at least six directors would be divided equally between Stroytransgaz and Damascus, but the leadership of the board would be reserved for the Russian firm, as per SANA news reports.
It also exempts Stroytransgaz from paying the tariffs and customs on imports for the time duration of the expansion operation – expected to be completed in six years.
Parliamentarians have also stated the expansion would be beneficial for Syrian ailing economy and that it represents a vital move towards supporting the nation’s reconstruction drive.