The Syrian Petroleum Company (SPC) is preparing to announce a historic institutional transformation expected to reshape the country's energy sector. After months of work, the company's final organizational structure has been completed and is now in the hands of top management, with talk of an official launch ceremony.
This significant step comes amidst a broader restructuring that includes relocating headquarters, redeploying staff, attracting international partnerships, and laying the groundwork for a new phase aimed at regaining effective control over the oil wealth and maximizing revenues after years of sharp declines in production and exports.
Concurrently with the completion of the organizational structure, concrete arrangements are underway, indicating its imminent implementation:
- Relocation of Headquarters: Employees of the Hayat and Ebla companies have been informed that the offices of the two joint ventures, Hayat (partnered by Croatian company Enel) and Ebla (partnered by PetroCanada), will be moved from the Euphrates Company building in Souq al-Sham to the former Ministry of Oil and Mineral Resources building in the Dummar Project.
This building will now serve as the headquarters of the Syrian Petroleum Company (SPC).
- Role Reshuffle: In contrast, the Minister of Energy, Engineer Mohammed Al-Bashir, and his accompanying ministerial team are preparing to move to the new, fully equipped headquarters of the Al-Furat Company building.
This physical separation between the Ministry's headquarters (the regulatory body) and the company's headquarters (the implementing body) has profound practical implications for separating roles and empowering the SPC.
- Continuity of Partnerships: It is noteworthy that the offices of the Al-Furat Company, which shares the building with its foreign partner, Shell, will remain in the same building after the Ministry's relocation.
This is pending the securing of a suitable headquarters to accommodate the Al-Furat Company's approximately 600 employees.
What Does the New Structure Include?
While full details are not being released before the official announcement, information indicates significant improvements aimed at enhancing efficiency and oversight. Among the most prominent are:
- Merging Directorates: The Finance and Accounts Directorates have been merged into a single directorate to improve coordination, streamline spending, and facilitate management.
- Creating New Directorates: The Assets Directorate has been established, a crucial step towards managing and preserving the company's assets and resources more professionally under a single directorate.
- Comprehensive Review: The structure includes several other positive modifications designed to serve SPC's ambitious vision as the "leading national arm" in the oil and gas sector.
The Future of the Staff: Between the Company and the Ministry
One of the most important aspects of the transformation is the status of human resources, for which a clear mechanism has been adopted: - Automatic Transfer: Employees of the Syrian Petroleum Company (the core of SPC) will be automatically transferred to the new Syrian Petroleum Company.
- Option for Permanent Employees: Employees (permanent employees) of the General Petroleum Corporation and its subsidiaries (such as Al-Furat Company and others) have been given two options:
1. Transfer to work within the SPC structure and join the main executive entity.
2. Remain with the Ministry of Energy, to be later redistributed and rotated among the various directorates of the Ministry according to its needs and new vision.
Institutional Transformation within a Broader Strategic Context
This step is not isolated from the overall context, as it coincides with:
- Field Recovery Efforts: SPC is working in coordination with the Syrian Arab Army to take over and rehabilitate oil and gas fields, such as the Al-Omar field, which used to produce 50,000 barrels per day but now produces no more than 5,000 barrels per day.
- Attracting Investments: SPC announced the interest of more than 90 foreign and Arab companies in investing in the sector, and the signing of agreements with major companies such as Chevron.
- Increasing Production: The company affirmed its commitment to increasing gas production by 50% by the end of 2026 through partnerships with Saudi companies such as ADES and Arabian Drilling.
Zaman Al Wasl
Comments About This Article
Please fill the fields below.