Presidential Decree establishing the Syrian Petroleum Company

President Ahmad al-Sharaa issued a decree establishing the Syrian Petroleum Company (SPC), headquartered in Damascus.

According to the presidential decree, the company is a public holding company with an economic character, fully owned by the state, called the Syrian Petroleum Company (SPC). It enjoys legal personality and financial and administrative independence, and is headquartered in Damascus.

The decree aims to develop a professional investment environment based on efficiency, quality, and integration across all investment phases between the company and its subsidiaries, making it the leading national arm in the sector.

It also seeks to enable good governance, transparency, and accountability in the management of the sector in accordance with international best practices, enter global oil and gas markets, and enhance competitiveness at the regional and international levels.

The company is responsible for the following tasks:

A. Proposing strategies and plans related to exploration, development, and investment in oil and gas resources, and submitting them to the Ministry for approval.

B. Coordinating with the Ministry in establishing basic principles and provisions, updating agreements, and announcing areas designated for oil and gas investment and development work with the aim of attracting local and international investors.

C- Preparing and signing contracts related to exploration, development, marketing, and improving sector returns, and taking the necessary measures to issue and monitor their implementation.

D- Managing and operating oil and gas assets and facilities owned or affiliated with the company, including equipment, facilities, and infrastructure, and submitting periodic reports to the Ministry on performance and efficiency.

E- Building national capacities and developing human resources within the company and its affiliated entities, in coordination with local and international training institutions and the Ministry.

F- Committing to the sustainability and green transformation policy, and assessing the environmental impact of all projects and activities related to oil and gas resources, in coordination with the relevant authorities.

G- Managing and monitoring agreements concluded with countries and international organizations, reviewing, developing, and updating them.