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When ICTSI made its bid to operate the Tartus port in 2005, "Syria's container market was growing and on track as projected. However, volumes started to plummet by 4 percent in 2010 and 14 percent by end 2011. The drop has set the Syrian container market back five to six years at 2006-2007 levels," it said. ICTSI said its subsidiary TICT, which signed a 10-year investment agreement with Tartus Port General Co. in 2007 to operate and develop the container port terminal, had paid more than $13 million in port fees and rentals to the Syrian company. But it said when TICT sought help amid the unrest, its Syrian partner refused to extend any assistance, which the Philippine company said was provided for under the agreement. ICTSI, which was established in 1987 in the Philippines, said its container port operations in other countries, including the United States, China, Japan, Poland, Croatia and Brazil, would not be affected by the shutdown of its business in Syria.
[Associated
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