Washington, DC – Sources familiar with the matter told Reuters that two Saudi and three US companies are forming a joint venture to explore for and produce oil and gas in northeastern Syria.
This move is considered one of the most significant investment developments in Syria’s energy sector at present.
The source said the anticipated consortium includes the US companies Baker Hughes, Hunt Energy,
and Argent LNG, along with the Saudi companies ACWA Power and TAQA.
The source also indicated that the project will encompass four to five exploration sites in the northeastern region.
This agreement is part of a series of major economic understandings that Syria witnessed last year,
following the opposition’s takeover of power and the ouster of former President Bashar al-Assad.
Investments in vital sectors
Furthermore, several impactful US sanctions were lifted last December,
paving the way for extensive foreign investment in vital sectors, most notably energy.
Jonathan Bass, CEO of Argent LNG, confirmed that the companies expect
to sign a memorandum of understanding for the project in the coming weeks.
He also indicated that the goal is to rebuild the energy infrastructure
and move the country into a new phase of economic stability.
Syria’s energy sector has suffered extensive damage as a result of a nearly 14-year civil war.
International interest in energy in Syria
This has left the infrastructure in need of billions of dollars in investment,
which the current government is trying to attract from regional and international partners.
Representatives from most of the companies held a meeting with the Syrian Petroleum Company
earlier this month as part of the project’s technical arrangements.
This move follows Saudi Arabia’s announcement of significant investments in Syria’s transportation, infrastructure, and telecommunications sectors.
This represents a further indication of renewed international interest in Syria’s energy sector,
amid hopes of supporting economic recovery and consolidating the country’s resources under state control.
