Saudi Arabia deepens footprint in Syria with four new oil and gas deals
The year-old Syrian government looks to revive the country’s energy sector, in part by signing deals with international companies and attracting foreign direct investment.
Syria and Saudi Arabia signed four oil and gas deals on Tuesday, boosting the war-torn Levantine country’s economic recovery.
What happened: The state-run Syrian Petroleum Company inked four deals with Saudi companies at the Energy Ministry in Damascus, with the Gulf firms aiming to provide technical support and help develop hydrocarbon fields across Syria, according to the SANA news agency.
The SANA report did not disclose the names of the Saudi signatories.
Why it matters: The deals follow a Nov. 19 announcement by Syrian Petroleum Company CEO Youssef Qaballawi that five new gas fields had been discovered along the Syrian coast. The official told the state-run TV channel Al-Ikhbariya that he expects the country to double its gas production in a short period, without offering a specific timeline. Qaballawi added that Syria is positioned to become “an important hub for gas distribution to Europe.”
