SYRIA's General Authority for Land and Sea Ports said has agreed to a new contract with French shipping giant CMA CGM to operate the container terminal at the Latakia port, Reuters reports.

The Syrian port authority said in a statement that the contract would include new terms and mechanisms, that settles all previous dues, without providing details.

A Syrian source familiar with the negotiations said talks leading up to the new contract included changes to revenue distribution and the length of the contract.

The source also said Syrian authorities had hoped to negotiate a larger share of the revenues than the previous contract, a shorter timeframe for the terminal lease.

Latakia is Syria's main port. CMA CGM began managing Latakia's container terminal in 2009 and the contract was repeatedly renewed, most recently in October 2024 for an additional 30 years by authorities under Syria's ousted president Bashar al-Assad.

President Assad was ousted from power on December 8 by a lightning rebel offensive, and a transitional government is now in power.

CMA CGM is controlled by Franco-Lebanese billionaire Rodolphe Saade and other members of his family which have roots in Syria.