A memorandum of understanding (MoU) has been signed between the Syrian Petroleum Company, ConocoPhillips and Novaterra to broaden collaboration within Syria’s natural gas sector, reported Reuters, citing information from the country’s Energy Ministry.
The agreement involves upgrading current gas fields and exploring new reserves with improved technical standards to raise domestic production and reinforce Syria’s energy security.
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Syria’s 14-year civil war has resulted in considerable damage to its energy infrastructure, meaning the country’s electricity production covers only a portion of its requirements.
Recent improvements in power supply have been supported by gas imports from Azerbaijan and Qatar.
In August, Azerbaijan announced that it would export 1.2 billion cubic metres (bcm) of gas every year to Syria via Turkey, drawing from the bp-operated Shah Deniz field in the Caspian Sea.
Earlier this year, Reuters reported that Qatar would offer gas to Syria through Jordan to help address electricity shortages, a move that received approval from US authorities.
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By GlobalDataSyria’s domestic natural gas output fell to 3bcm in 2023, down from 8.7bcm in 2011, due to the impact of the war.
Syrian President Ahmed al-Sharaa’s government has pledged to boost power supply and bring in investments to the war-ravaged country.
Al-Sharaa, who wants to end his country’s decades of isolation on the international arena, recently held talks with US President Donald Trump at the White House.
The US Department of the Treasury announced that the suspension of sanctions on Damascus would be extended for an additional six months.
A statement from the Syrian presidency said the meeting between al-Sharaa and Trump focused “on bilateral relations between Syria and the US, ways to strengthen and develop them, and a number of regional and international issues of common interest”.
An official source, speaking anonymously, told Al Jazeera that the US will allow Syria to reopen its embassy in Washington, facilitating improved coordination on security, counterterrorism and economic matters between the two nations.
Washington’s latest sanctions relief pauses the enforcement of the Caesar Act – which barred US business transactions with Syria’s Government and military – for another 180 days.
In a statement, the US Treasury Department said: “Removing US sanctions will support Syria’s efforts to rebuild its economy, provide prosperity for all its citizens, including its ethnic and religious minorities, and combat terrorism.”
While the Caesar Act sanctions have been temporarily suspended, any permanent removal would necessitate approval from Congress.
Advocates for the Middle Eastern country have expressed concern that any conditional lifting of sanctions could discourage investment due to uncertainty over future penalties.
