SYRIA NEWS | ZAMAN ALWSL

Details of gas field development with two US companies

Zaman Al Wasl — Wed, 01 Jul 2026 10:00:00 +0300

On Tuesday, the Syrian Petroleum Company signed a formal contract with the American companies ConocoPhillips and Novaterra Energy to develop several gas fields in Syria and increase production from existing fields. The government described this move as "pivotal" for supporting the national energy system.

The signing of the contract comes seven months after the parties signed a memorandum of understanding in November 2025, which included intensive technical and legal meetings that resulted in drafting the final agreement and its implementation mechanisms.

What does the contract include?

According to information obtained by Zaman al-Wasl, the contract includes five main components:

1. Developing several gas fields in Syria, with a focus on improving the efficiency of the sector's infrastructure.

2. Increasing production from existing fields by applying the latest operational technologies.

3. Exploring opportunities to develop new gas resources to bolster national reserves.

4. Implementing the latest technical and operational standards, in accordance with international safety and security standards.

5. Transferring global expertise and technologies to the Syrian petroleum sector, contributing to the training of national personnel. Strategic Objectives

The Syrian Petroleum Company explained that the contract aims to achieve a range of national goals, most notably: raising the efficiency of the sector's infrastructure, enhancing the stability of the energy system, supporting the gas supply necessary for electricity generation, attracting specialized international investments and expertise, and contributing to accelerating economic recovery.

In this context, the CEO of the Syrian Petroleum Company, Youssef Qablawi, said that his country's government looks forward, through this cooperation, to "increasing production, improving operational efficiency, and supporting the energy system, which will positively impact the national economy and the needs of citizens."

Translating the Agreement into a Formal Contract

For his part, the Syrian Minister of Energy, Muhammad al-Bashir, wrote on the "X" platform: "After seven months since the agreement was signed, it has today been translated into a formal contract between the Syrian Petroleum Company and ConocoPhillips and Novaterra."

Al-Bashir added that the contract "strengthens the energy system and supports the supply of gas to power plants and vital sectors," emphasizing that "this achievement represents an important step in enhancing energy security and reflects the seriousness of the work and the move towards constructive partnerships that contribute to supporting the national economy and serving the citizens."

Return of International Confidence

Observers believe that signing the contract with two American companies of the size of ConocoPhillips – headquartered in Houston, Texas, and one of the world's largest independent oil and gas exploration and production companies, with total assets of $122 billion – reflects the return of international confidence in the Syrian economy and its ability to attract quality investments.

ConocoPhillips stated in an exclusive interview with CNBC Arabia that the agreement "comes to support the opportunity to develop an onshore gas project in Syria, thus establishing a general framework for developing and exploring a portfolio of gas assets."

It is worth noting that gas production in Syria declined significantly during the years of war, making the rehabilitation of the sector and attracting international expertise a top priority for the government in the recovery and reconstruction phase.

Syrian business leaders, EU Commission discuss investment cooperation

Tue, 30 Jun 2026 12:36:33 +0300

Damascus, June 30 (SANA) Representatives of Syria’s private sector and the European Commission discussed ways to expand economic cooperation and encourage investment during a virtual meeting on Monday that also included executives from several European companies.

The talks focused on the needs of Syrian businesses and the challenges facing the private sector, particularly in manufacturing, exports, imports and infrastructure. Participants also discussed support for small and medium-sized enterprises (SMEs), expanding Syrian companies’ participation in international trade fairs and facilitating business travel to Europe.

Alaa al-Ali, chairman of the Federation of Syrian Chambers of Commerce, said the federation has launched an accredited professional certification system for the first time to help align workforce skills with labor market needs.

He said the federation is seeking closer cooperation with European institutions in vocational training, knowledge transfer and capacity building.

The meeting was attended by Mouddar Khouja (AACC), Secretary-General of the Austro-Arab Chamber of Commerce, along with members of the federation’s board and heads of specialized committees. Representatives of the European Commission and European companies operating in the industrial, energy and logistics sectors also participated.

The federation said the meeting was part of its efforts to strengthen ties with international economic organizations, expand the presence of Syrian businesses in foreign markets, attract investment and support the country’s economic recovery.

Sawiris in Damascus: Test of confidence for post-war investment

Zaman Al Wasl — Thu, 25 Jun 2026 07:14:00 +0300

In a move carrying significant political and economic implications, Syrian President Ahmed al-Sharaa received Egyptian businessman Naguib Sawiris at the People's Palace in Damascus. This meeting was not an isolated event but rather part of a series of Syrian initiatives aimed at reshaping the attractiveness of the local market. This visit comes approximately two months after al-Sharaa met with Egyptian businessman Hassan Allam to discuss opportunities for cooperation in real estate development, construction, and infrastructure rehabilitation.

Dimensions of the Meeting: Investment as a Tool for Reconstruction

Following the presidential meeting, Sawiris proceeded to the Ministry of Public Works and Housing, where he met with Minister Mustafa Abdul Razzaq. Discussions focused on exploring avenues for cooperation and investment in the housing and urban development sectors. During the meeting, Sawiris emphasized his interest in investing in Syria, highlighting his company's expertise in real estate development and his vision for contributing to the development of human resources and institutions, as well as implementing projects that serve various segments of society. For his part, the Minister outlined the Ministry's priorities in the housing sector, particularly addressing the housing shortage and completing stalled projects, stressing the importance of learning from successful investment experiences.

Beyond Sawiris's Visit

Observers believe that Damascus is seeking to restore confidence through these meetings. Attracting prominent figures like Sawiris and Allam reflects Syria's desire to break the investment stalemate and attract regional capital. The Syrian authorities have placed the housing and infrastructure sectors at the top of their priorities, not only as a solution to service crises but also as a cornerstone of the post-war era. This is in addition to the focus on developing human resources and institutions, as Sawiris indicated, suggesting that the required investments extend beyond mere construction to include the transfer of technical and administrative expertise to public institutions.

These moves are reshaping the landscape of public-private partnerships in Syria. The government is relying on Arab investors not only as financiers but also as partners in rebuilding institutions at a time when Damascus is searching for an economic solution to overcome current challenges.

Off-plan economy: between the ambition of ownership, risks of collapse

Zaman Al Wasl — Mon, 22 Jun 2026 10:46:00 +0300

The Syrian real estate market is witnessing a growing trend in investment: off-plan sales. This model involves developers launching residential projects before actual construction, relying on installments paid by buyers (subscribers) to finance the building.

While this model is attractive to investors seeking to protect their capital from inflation and to developers avoiding bank loans, it raises fundamental questions about its economic viability and the risks it poses to national savings.

First: The Nightmare of Default... What if the Dream Ends?

This model often lacks genuine financial backing or bank guarantees. If the project experiences a sales slump or the developer is unable to manage cash flow, buyers find themselves facing disastrous scenarios:

• Loss of Liquidity: In an economy suffering from sharp exchange rate fluctuations, citizens' liquid assets become frozen assets in an unfinished concrete structure, rendering them unable to recover their value when needed.

• Legal Liability: Contracts often offer weak protection for the buyer. If the project is halted for political or economic reasons (such as a sudden surge in building material prices), the buyer finds themselves embroiled in a potentially lengthy litigation process that could last for years, while the real value of their investment erodes.

Second: Draining National Liquidity Instead of Attracting It

Remittances and hard currency are the primary drivers of any recovering economy. However, the current "off-plan sales" model operates in the opposite way:

1. Stifling Domestic Liquidity: This model does not generate new liquidity from abroad; rather, it "absorbs" remaining savings within the country, transforming them from circulating funds in productive or commercial sectors into stagnant "real estate."

2. Disrupting the Economic Cycle: Instead of investing these funds in industrial or agricultural projects that would provide the economy with hard currency and create permanent jobs, they are channeled into long-term real estate investments that may remain unoccupied or unfinished, thus becoming sterile "stores of value" that do not contribute to development.

Third: Real Estate as a Safe Haven… Is It a Trap?

Syrians resort to this type of investment as a “lesser evil” option to protect what remains of their savings from inflation. However, turning the entire society into “real estate investors” creates a real estate bubble unrelated to genuine growth in national income, where property prices are determined by speculation rather than the actual purchasing power of the population.

What is needed is not to prevent investment, but to transform it from “random speculation” into “institutional development” that protects the buyer and ensures that real estate is a tool for housing and growth, not a trap to absorb individuals’ savings and freeze them in unfinished buildings.

Syria signs gas development agreement with ConocoPhillips, Novaterra

Tue, 16 Jun 2026 15:17:00 +0300

The Syrian Petroleum Company (SPC) signed an agreement on Tuesday with U.S. energy companies ConocoPhillips and Novaterra to develop several gas fields and increase production from existing sites, as part of efforts to strengthen the country’s energy sector and expand natural gas supplies for electricity generation and other key industries.

The agreement, signed at the Ministry of Energy headquarters in Damascus, marks a new phase in cooperation between the three parties following months of technical, legal and commercial discussions that built on a previously signed memorandum of understanding.

According to the Ministry of Energy, the project is designed to increase gas output from targeted fields, modernize operational infrastructure and improve efficiency in line with current industry standards. The initiative also forms part of broader efforts to attract international expertise and investment to support the rehabilitation and development of Syria’s energy infrastructure.

Youssef Qablawi, chief executive officer of the Syrian Petroleum Company, said the agreement represents an important step in the development of Syria’s gas sector and reflects growing confidence among international partners in investment opportunities within the country.

“We look forward to increasing production, improving operational efficiency and strengthening the energy system in a way that supports the national economy and helps meet the needs of citizens,” Qablawi said.

Ryan M. Lance, chairman and chief executive officer of ConocoPhillips, said the company had signed an agreement to support the development of onshore gas resources in Syria, creating a framework for restoring and expanding natural gas production.

Alex MacDonald, chief executive officer of Novaterra Energy, said the company looks forward to working with its partners and the Syrian government to advance the project.

The agreement comes as Syria seeks to increase domestic energy production and rehabilitate infrastructure affected by years of conflict, with natural gas playing a central role in supplying power plants and supporting industrial activity.

SANA

Details of Rmeilan oil contract: 70% for Syria in 25 years

Tue, 16 Jun 2026 12:23:00 +0300

A senior official in the Syrian oil sector has put an end to the controversy surrounding the contract signed with the American company HKN Energy, strongly denying reports that the foreign company would receive the lion's share of production revenues and affirming the Syrian state's sovereignty over its resources.

In exclusive statements to Zaman al-Wasl, the official stressed the need to correct the misinformation circulating, emphasizing that the Syrian state is the primary beneficiary of the contract. The production-sharing ratio was set at 70% for the Syrian Petroleum Company and 30% for HKN Energy.

Contract Details and Scope of Work

The official explained that the contract covers the rehabilitation and investment of five oil fields in the Rmeilan area for a period of 25 years. This partnership is part of a strategic plan aimed at developing the energy sector. HKN Energy will undertake the following:

* Rehabilitating existing wells to increase their production efficiency.

* Drilling new wells using advanced drilling rigs and technologies.

* Supplying modern equipment and devices for the drilling and production sector to ensure the sustainability of operations.

Government Oversight and Denial of Allegations

The source emphasized that all operations are conducted under a formal agreement and direct supervision by the Syrian government, categorically denying media reports claiming that the SDF (Syrian Democratic Forces) holds a percentage of the project. The source asserted that these reports are "incorrect and baseless."

The Reality of Al-Jazeera Company's Role

In a definitive clarification regarding speculation about other parties holding shares, the source indicated that the SDF-affiliated Al-Jazeera Company is contracted solely as a "contractor" for a period of three months, ending at the end of August. The source confirmed that the company is not a partner in the contract and that continued cooperation is contingent upon a comprehensive evaluation to be conducted later, after which either renewal or the selection of another contractor through a formal tender will be decided.

May God protect you... The truth in numbers

In his direct response to the media campaigns, the source concluded his statement by saying: “Some have launched an attack on the state, claiming that the American company will take 70 percent and the SDF 10 percent. But, may God protect you, the truth is that the state owns 70 percent, the American company 30 percent, and the SDF has no percentage share. Al-Jazeera Company will act as a contractor for three months, after which its work will be evaluated. It is not a strategic partner in the contract.”

Zaman al-Wasl

Syria, Jordan update air services agreement to expand airline access and connectivity

Mon, 15 Jun 2026 16:20:00 +0300

Damascus, June 15 (SANA) Syria and Jordan signed an updated air services agreement on Sunday aimed at expanding air connectivity, increasing competition among airlines and strengthening cooperation in the civil aviation sector.

The agreement was signed by Omar Hosari, head of Syria’s General Authority for Civil Aviation and Air Transport, and Dhaifallah Suleiman Farajat, Chairman of the Civil Aviation Regulatory Commission (CARC) during a visit to Damascus by Jordanian Deputy Prime Minister and Foreign Minister Ayman Safadi.

Hosari said the agreement updates a bilateral air transport accord signed in 1976 and reflects changes in the global aviation industry over the past five decades.

According to Hosari, the revised framework will allow more airlines to operate between Syria and Jordan and introduce regulated code-sharing arrangements, enabling carriers to expand route networks and offer passengers additional travel options.

The agreement also provides for enhanced technical and air navigation coordination between air traffic control centers in Damascus and Amman, with the aim of improving air traffic flow and operational efficiency.

Hosari said the deal reinforces both countries’ commitment to international aviation safety standards and the principles of the Chicago Convention on International Civil Aviation.

He added that the agreement is expected to support regional integration and facilitate passenger traffic while encouraging economic and tourism exchanges between Syria and Jordan.

The agreement was signed on the sidelines of Syrian-Jordanian talks on implementing decisions taken at the second session of the Syrian-Jordanian Higher Coordination Council and expanding bilateral cooperation.

Syrian-Turkish agreement worth $80 million to restart oil factory in Hama

Zaman Al Wasl — Thu, 11 Jun 2026 13:54:00 +0300

The Syrian Sovereign Fund, represented by Mr. Basil Muhammad Ayoub, Director of the Food and Feed Industries Sector, signed a strategic and investment cooperation agreement with the Turkish Teriyaki Company, with the aim of operating the International Oils Manufacturing Plant in Hama Governorate, as part of an operational investment project valued at approximately 80 million US dollars.

The project aims to rehabilitate and operate the factory and develop its production capabilities, so that the value of the processed products is expected to exceed 500 million US dollars annually, making it one of the most prominent industrial projects in the food industry sector inside Syria.

The Syrian Sovereign Fund confirmed that this step comes within the framework of its efforts to support local investment and production, strengthen the food security system, and attract strategic partnerships that contribute to revitalizing the industrial sector and driving economic growth.

The project is expected to contribute to creating direct and indirect job opportunities, in addition to supporting production and supply chains, which will reflect positively on the national economy and enhance the path of recovery and development in Syria.

Flights through Syria increased by 375% in May

Tue, 02 Jun 2026 11:31:00 +0300

Syria saw nearly 12,000 flights cross its airspace in May after airlines rerouted flights in the region to avoid airspace affected by the ongoing conflict in the Middle East.

Statistics from the Syrian Civil Aviation Authority show that 11,801 flights crossed Syrian airspace, more than double the 4,267 recorded in February, the last month before the Iran-Iraq War disrupted air traffic in the region.

The number of overflights in May was about 375 percent higher than in the same month last year.

Based on the fixed fee of $499 per flight imposed by the new Syrian government, Reuters calculations indicate that air traffic last month generated up to $5.9 million in revenue from crossing Syrian airspace.

The Syrian Civil Aviation Authority declined to comment on the potential revenue and the new fees.

Airlines were forced to reassess the situation in Syria after the US and Israeli airstrikes against Iran began on February 28. The ceasefire led to the reopening of airspace in April, but flight tracking services from Flightradar24 and AirNav indicate that the majority of flights bound for Europe from Dubai and Doha, two of the world's busiest aviation hubs, have since been flying over central Syria instead of Iraq.

Flying over Syria reduces flight times and fuel costs, as airlines try to mitigate the impact of soaring global oil prices caused by the disruptions related to the Iran-Iraq War.

Reuters

Syria breaks financial isolation with international electronic payments

Zaman Al Wasl — Sun, 10 May 2026 10:17:11 +0300

Syria has taken its first steps toward integration into the global economy by launching a pilot program for electronic payments that complies with international standards. This move ends years of technological marginalization and opens up broad horizons for modern economic growth.

Minister of Communications and Information Technology, Abdul Salam Heikal, affirmed that this transformation places Syria on the map of the global digital economy. He explained that the new system will facilitate citizens' daily lives and create a transparent investment environment that attracts capital through the speed and security of transactions.

Cooperation with Visa and Mastercard systems opens doors for foreign trade, as the new infrastructure ensures adherence to the highest international security protocols. This step contributes to restoring confidence in the local financial system and facilitates the smooth flow of financial transfers from abroad.

The Ministry of Communications, in cooperation with the Central Bank, has developed legislation that protects users' rights and supports young innovators in the field of financial technology (FinTech). This regulatory framework aims to transform Syrian entrepreneurial ideas into productive economic projects that can compete in the regional and international markets.

Digital transformation will eliminate bureaucracy and administrative corruption by converting government services to a fully digital system. This system provides citizens with 24/7 payment services, eliminating paper-based queues and achieving significant time and effort savings.

Digitalization is the fastest path to recovery for the Syrian economy, allowing for a direct leap to advanced technological solutions without incurring the costs of traditional processes. The discipline inherent in these transactions is the cornerstone of building a sustainable knowledge-based economy that meets the aspirations of Syrians for a modern and advanced life.

The upcoming digital vision aims to make the "Syrian digital" effective and reliable within international systems. The launch of this initiative represents the foundation for building an innovation-driven economic future, ensuring Syria's return to its position as a vital commercial and technological hub in the region.

President al-Sharaa discusses investment, reconstruction with UAE’s Al Shaibani

SANA — Mon, 04 May 2026 18:07:40 +0300

President Ahmad al-Sharaa discussed investment opportunities and reconstruction projects in Syria with Emirati businessman Mohammed Ibrahim Al Shaibani during a meeting in Damascus.

The talks focused on prospects for UAE companies to contribute to reconstruction efforts, particularly in real estate development, tourism and financial services.

The meeting, held at the People’s Palace, also addressed measures aimed at improving Syria’s business environment and encouraging strategic partnerships with foreign investors.

Al Shaibani is a senior economic figure in the Dubai government and has played a key role in sovereign investment and financial policy, contributing to the emirate’s position as a global business and financial hub.

He serves as Managing Director of the Investment Corporation of Dubai (ICD), the government’s main investment arm, and has held several senior roles, including Director General of the Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.

He also holds positions across key institutions, including Dubai Holding and Dubai Aerospace Enterprise (DAE).

President al-Sharaa meets Egyptian businessman to discuss investment opportunities

Mon, 04 May 2026 18:01:33 +0300

Damascus, May 4 (SANA) President Ahmad al-Sharaa met on Monday with Egyptian businessman Hassan Allam at the People’s Palace in Damascus to discuss cooperation and partnerships in real estate development, construction, and infrastructure rehabilitation.

The meeting also focused on Syria’s business environment and government steps aimed at attracting investment to support recovery and development.

Allam is Chairman and Chief Executive Officer of Hassan Allam Holding, one of the region’s oldest engineering firms, founded in 1936. Under his leadership, the company has expanded operations to 10 countries across three continents and ranks among the top international contractors.

He is one of the region’s leading executives in engineering, construction, and infrastructure, and has led a strategic transformation of the group since 2009, strengthening its role in major regional and international projects.

Earlier Monday, President al-Sharaa met separately in Damascus with Emirati businessman Mohammed Ibrahim Al Shaibani and Turkish businessman Fettah Tamince to discuss investment opportunities and reconstruction projects in Syria.

Iraqi oil tankers reach Rabia crossing en route to Syria for global markets

SANA — Sat, 02 May 2026 09:45:00 +0300

The Syrian Petroleum Company said on Saturday that 70 tankers carrying Iraqi crude oil had reached the Rabia border crossing on the Iraqi side, in preparation to enter Syria via al-Yarubiyah crossing on their way to global markets.

Director of Corporate Communications Safwan Sheikh Ahmad said the shipments had been rerouted from al-Tanf crossing to al-Yarubiyah via the M4 highway toward Banyas, on the Mediterranean, aiming to shorten transit time and ensure faster delivery, without affecting existing contracts.

The General Company for Ports of Iraq announced on Friday the start of crude exports through the Rabia–al-Yarubiyah crossing, dispatching the first 70 tankers toward Syria in a step to activate the route as a strategic corridor for oil exports.

Earlier in April, the first Iraqi fuel convoys entered Syria through al-Tanf crossing toward the Banyas Oil Port in preparation for export to global markets, underscoring Syria’s role as a regional transit hub.

7,000 job opportunities: Mount Qasioun, Damascus' new tourist destination

Tue, 21 Apr 2026 21:53:00 +0300

The Damascus Governorate, in cooperation with the Ministry of Tourism, launched the "Qasioun Journey" project to create 7,000 job opportunities and inaugurate tourism and service projects officially scheduled to begin at the end of summer 2026.

During an event at the Damascus Opera House, project officials announced that the development plan extends from the Al-Araba area to the Seven Stars Hotel.

The plan includes transforming Qasioun Street into a public pedestrian walkway, where cars will be prohibited except during specific hours, to ensure a safe environment for pedestrians and families.

Free Services and a Cultural Amphitheater

Developers confirmed that 70% of the services in the Qasioun area will be completely free. The infrastructure includes:

- Constructing an amphitheater specifically for Ministry of Culture events.

- Providing accessible pathways and facilities for people with disabilities.

- Establishing Civil Defense, medical emergency, and electrical infrastructure.

The "Qasioun Journey" project relies on local Syrian personnel under the supervision of the Damascus Governorate.

Local Employment and Investment

The project aims to support the local economy by providing thousands of sustainable jobs in small, medium, and large enterprises.

During the ceremony, which was attended by ambassadors and investors, the Governor of Damascus noted that local expertise is being utilized to develop recreational and cultural facilities that will make the mountain a destination open to all.

The project will alleviate traffic congestion in the area by transforming it into a pedestrian-friendly space, while providing comprehensive service alternatives for mountain visitors by next year.

Zaman al-Wasl

Chevron to begin drilling in Syrian waters this summer

Zaman Al Wasl — Wed, 15 Apr 2026 11:42:00 +0300

The Syrian Petroleum Company announced that it has received official confirmation from the American company Chevron to begin oil and gas exploration in Syrian territorial waters in the summer of 2026. This comes after the termination of contracts with Russian companies affiliated with the former regime due to their failure to fulfill their obligations.

Youssef Qablawi, the company's CEO, stated on his official social media accounts that the "understanding" phase with the American giant has concluded and the "implementation" phase has begun.

Qablawi confirmed that joint work with Chevron and its partner, Power International Holding, has identified the target offshore location for commencing technical operations.

This shift follows an official decision to terminate contracts with Russian companies, most notably the contract for "Offshore Block 1" off the coast of Tartus.

The Syrian side cited "breach of contractual obligations," as the Russian company Capital Limited had not conducted any drilling operations since signing its contract.

Reclaiming "Block 1" from Russian Companies: The canceled contract had previously granted the Russian company exclusive rights to an area of 2,250 square kilometers. Block 1 is now legally available to Chevron, which will begin eight months of technical studies before commencing operations.

New Technologies and Sovereign Investment

Chevron will transfer deepwater drilling technologies to Syria for the first time. This move represents a shift in the management of national resources, as the authorities have replaced the "dysfunctional contracts" of the former regime with performance-based partnerships.

The Syrian decision ended the era of concessions granted to Russia without any corresponding production, allowing the country to regain control of its energy sector, free from previous political considerations. Legal teams have now begun drafting the final contracts to ensure drilling begins on schedule.

The question remains whether the termination of the Block 1 contract will extend to Block 2, which was awarded to another Russian company.

Oil climbs above $100 after Iran–US negotiations fail

Mon, 13 Apr 2026 14:25:36 +0300

London, April 13 (SANA) Oil prices exceeded $100 a barrel on Monday as tensions escalated in the Strait of Hormuz following the failure of negotiations between Iran and the United States, according to Reuters.

Brent crude futures rose by $7.11, or 7.47 percent, to $102.31 per barrel, reversing a 0.75 percent decline recorded at Friday’s settlement.

U.S. West Texas Intermediate (WTI) crude reached $104.43 per barrel, up $7.86, or 8.14 percent, after falling 1.33 percent in the previous session.

The price increase comes as markets reacted to developments in the strategic waterway, where concerns over maritime security have intensified.

On Sunday, the U.S. Central Command (CENTCOM) announced it would impose restrictions on maritime traffic entering or leaving Iranian ports starting Monday morning, following the failure of negotiations aimed at ending the conflict.

Tax incentives, settlement of outstanding debts: Decrees 69, 70

Sun, 12 Apr 2026 20:12:00 +0300

Syrian Finance Minister Mohammed Yasser Barnieh confirmed that Decrees No. 69 and 70 of 2026, concerning incentives and exemptions for affected businesses and the settlement of non-performing loans in public banks, aim to alleviate the burden on those affected and help them resume their economic activity.

Barnieh explained that these measures include tax exemptions to help rehabilitate businesses and create job opportunities, in addition to waiving interest on non-performing loans and returning the principal, thus contributing to easing the burden on citizens.

He indicated that tens of thousands of Syrians will benefit from these decrees, with the expectation that thousands of cases and legal proceedings will be resolved and freezes lifted on frozen properties, returning them to the economic cycle.

The minister clarified that the goal of these steps is to reduce poverty and unemployment by reintegrating those in financial distress into the economy and achieving a degree of social justice by distinguishing between genuinely struggling businesses and those deliberately defaulting.

Barnieh affirmed that these decrees will not include associates of the former regime or individuals implicated in corruption cases under investigation, emphasizing that oversight bodies reserve the right to exclude any beneficiary proven to have exploited these facilities.

He also clarified that these measures are not retroactive and are unrelated to the financial settlements related to the Illicit Gains Authority, noting that work is underway to issue the implementing regulations in preparation for putting the two decrees into effect.

This comes pursuant to Presidential Decree No. 69 of 2026 concerning the assessment of damages and the granting of exemptions, and Decree No. 70 of 2026 concerning the settlement and rescheduling of debts according to specific conditions.

$12 million for fledgling company: Oil contract details

Zaman Al Wasl — Fri, 10 Apr 2026 12:11:00 +0300

Official documents have revealed that the Syrian Petroleum Company recently signed a negotiated contract worth $12.3 million with Petroleum Services Enhancement Company (PPS), raising questions about the criteria used to award the contract to a company that was only established a few months ago.

A Company with No History... and a Project Worth Millions

PPS was officially registered on November 11, 2024, yet it secured a massive contract—without competition or bidding from other companies—to carry out a complex engineering project in the Al-Taym and Al-Azba oil fields.

The project aims to remove acidic aquifer water that is polluting the environment, soil, and groundwater. This is a task that typically requires accumulated expertise and a proven track record, not something a newly established company with barely dry paperwork could handle.

"Exceptional" Privileges

Not only was the contract awarded, but the company also secured very "comfortable" payment terms:

- Advance Payment: The Syrian Petroleum Company will pay 50% of the contract value (approximately $6.1 million) in advance!

- Study Authority: The company itself was tasked with preparing the engineering study that will determine the implementation plan and specifications, effectively making the contractor the arbiter in determining the quality and costs of the work.

Articles (5) and (11) of the contract, which Zaman al-Wasl reviewed, place the contractor in a position of power. It is responsible for "implementing" the terms and executing the required study, with the stipulation that any materials outside its approved study will be at its own expense.

This overlap between "designer" and "executor" opens the door for the project to be engineered in accordance with the contractor's financial interests, especially given the absence of any mention of an independent consulting firm for auditing.

This contract comes at a time when stricter oversight of investment budgets is supposed to be in place.

The contract was signed by Youssef Mohammed Qablawi, CEO of the Syrian Petroleum Company, and Iyad Mohammed Khair Al-Aghbar, General Manager of PPS.

There is no explicit mention of the contractor providing bank guarantees (such as a performance bond or advance payment guarantee) before work begins, which is noteworthy given the size of the contract and the advance payment.

($1 dollar =12,900 Syrian pounds)

State Petroleum Company: Between Recycling, Marginalized Competencies

Zaman Al Wasl — Sat, 04 Apr 2026 11:39:00 +0300

In a development revealing the ongoing problems in managing the vital oil sector, multiple messages received by Zaman al-Wasl from within the Syrian Petroleum Company (SPC) have revealed widespread frustration among employees. This frustration stems from the return of individuals previously implicated in corruption networks to influential positions under the guise of "experience," amidst the systematic marginalization of honest and competent individuals.

Recycling Faces... and Experience as a Cover

According to the messages, signed by employees whose names are being withheld by Zaman al-Wasl, the company, established after the liberation of Syria, is now reproducing the same corrupt practices that plagued the sector for decades. This is being done by bringing in individuals who previously acted as brokers for companies accused of plundering oil wealth, such as the Qaterji and Maham companies, the Iranian Kamka companies, Russian companies, and sanctioned companies like al-Radawi.

In their message to the company's chairman, Youssef Qablawi, published by Zaman al-Wasl, the employees state: "We have no problem with specific individuals, but we do have a problem with a system that recycles known corrupt individuals under the guise of experience."

They add: "The work distribution mechanism reveals the extent of the disaster. Managers rely on mostly corrupt department heads who monopolize work, divide it according to their whims, and funnel it into committees to prevent qualified staff from receiving it."

Rewards without standards and the marginalization of the honest

The messages indicate that the reward system, which is mostly comprised of committee bonuses, has become a tool for corruption, a means of buying loyalty, and a way to perpetuate the old nepotism in a new guise. Unjustified rewards are given to specific individuals without clear criteria, while the truly qualified staff who work quietly are marginalized.

The messages describe what is happening as "a reproduction of the same corrupt individuals," adding: "After we removed the outer layers of the old system, the real gems—the honest and competent individuals—remain buried, while the corrupt are being recycled and rebranded."

A Legislative Vacuum Protecting Corruption

The correspondence reveals a deeper problem: the absence of any legal protection for whistleblowers. This is why the letter wasn't delivered directly to Qablawi. Employees say, "If I want to report corruption, what protects me? The bitter truth: nothing. There's no law protecting whistleblowers, no clear reporting mechanism, and no independent central committee."

Demands for a Central Committee and Whistleblower Protection

The employees called on Qablawi to personally intervene to rectify the situation, demanding:

1. The formation of a transparent and independent central committee to review the professional background of each employee, comprised of independent experts, and the issuance of periodic reports.

2. The establishment of a legal mechanism to protect whistleblowers, with secure communication channels and deterrent penalties for those who abuse their influence.

3. The adoption of objective criteria for evaluation, appointment, and salaries, to be made publicly available.

4. Monitoring the distribution of work, preventing monopolies, and holding accountable anyone found to be monopolizing tasks.

5. The launch of a genuine training program to transfer expertise to young and honest staff. 6. Hold regular meetings with staff members, separate from department heads.

The employees concluded their letter: "The opportunity to save the institution still exists, but it requires your personal intervention to stop the recycling of corrupt individuals and give a genuine chance to the honest staff who have remained outside the circle of corruption for decades."

Total Energies begins technical talks to return to Syria

Zaman Al Wasl — Fri, 03 Apr 2026 00:00:50 +0300

Informed sources revealed a significant development in the return of the French company Total Energies to the Syrian oil and gas sector. This development was marked by a virtual meeting between the global company's management and the management of Deir ez-Zor Petroleum Company (DEZPC). During the meeting, the two sides discussed ways to reactivate old partnership contracts and resume operations in Syrian oil fields.

Details of the Meeting

According to the information, the meeting took place via videoconference. Total Energies' management and technical team participated, while the Syrian side was represented by the management of Deir ez-Zor Petroleum Company, the joint venture that managed Total's contracts in Syria before 2012.

The discussions focused on three main points:

- The mechanism for returning to Syria after the lifting of sanctions.

- An assessment of the current condition of the fields and wells.

- The technical needs and equipment required to resume operations.

Preparation in Houston

This meeting follows a series of preceding contacts and negotiations, the groundwork for which was laid in Houston, Texas, where Mr. Youssef Qablawi, Director General of the Syrian Petroleum Company, held preparatory meetings with Total officials. Total's Fields in Syria and Their Production Before 2011

Total, through its subsidiary Deir ez-Zor Oil Company, operated three main fields in Deir ez-Zor Governorate:

- Al-Jafra Field (Oil)

- Al-Qahar Field (Oil)

- Al-Tabiyah Field (Gas and Condensate)

According to official data, Deir ez-Zor Oil Company's production reached approximately 27,000 barrels per day in 2011. However, other sources indicate that production from the Al-Jafra and Al-Qahar fields alone ranged between 40,000 and 50,000 barrels per day before the outbreak of the revolution in March 2011.

Total's total production in Syria (including gas and condensate from the Al-Tabiyah field) averaged 39,000 barrels of oil equivalent per day in 2011.

Remaining Contract Term at the Time of Force Majeure

In December 2011, Total announced the suspension of its operations in Syria in compliance with European sanctions, following a sharp reduction in production that began in November of the same year.

Total had renewed its 50% stake in the Deir ez-Zor concession in 2008, extending its rights to pump oil until 2021. When the company announced its cessation of operations in December 2011, approximately 10 years remained of the contract (from 2011 to 2021).

Current Field Status

An inspection tour conducted by CEO Youssef Qablawi at the Jafra field in early 2026 revealed a significant decline in production:

- The field consists of 70 wells, of which only 30 are currently producing.

Current production does not exceed 3,000 barrels per day, compared to 40,000-50,000 barrels per day before 2011.

Syria's total oil production has declined to 100,000 barrels per day currently, compared to 360,000 barrels per day in 2010.

Prospects for a Return

With the lifting of sanctions on Syria, Total Energies has expressed its readiness to consider resuming operations under the previous partnership agreement.

Sources confirm that Deir ez-Zor Oil Company remains responsible for managing the contract technically, financially, and contractually, which facilitates a return once the necessary technical and security arrangements are finalized.

Petro-Canada's comeback: Boosting production efficiency and developing the struggling Ebla fields

Thu, 02 Apr 2026 23:57:00 +0300

Petro-Canada is preparing to resume operations in Syria after a 14-year absence, aiming to increase production capacity at the central gas fields and surpass pre-2011 levels.

These moves follow Canada's decision on February 18, 2016, to lift sanctions on the Syrian Petroleum Company, paving the way for the full reactivation of the Ebla project.

Development of the Sharifa and Shaer Fields

The return plan focuses on developing the Sharifa field, which had not yet reached full production before the shutdown, and rehabilitating the damaged facilities at the Shaer field. The operator, Ebla Petroleum (EBCO), aims to reach the plant's maximum design capacity of 88 million cubic feet per day, up from the 80 million cubic feet per day recorded in December 2011.

Note: The Ebla gas project covers an area of 1,251 square kilometers between Homs and Palmyra and has proven reserves of 500 billion cubic feet.

Billions of Dollars in Investment

The Canadian company's investments in the project reached approximately 1.2 billion Canadian dollars. The infrastructure included a central gas processing plant built by the British company Petrofac, and an 80-kilometer pipeline network. The facility currently produces, in addition to natural gas, about 150 tons per day of cooking gas (LPG) and 640 cubic meters of oil condensate.

End of Force Majeure

PetroCanada declared force majeure and withdrew in December 2011 due to European Union sanctions against its local partner (the former regime). With the current political changes, the company is seeking to implement enhanced oil recovery technologies to increase condensate production rates, which may encourage other Western companies to return to the Syrian energy sector.

Zaman al-Wasl

Syrian Petroleum: Dollar-denominated bonuses raise questions about administrative fairness standards

Thu, 02 Apr 2026 15:57:00 +0300

Questions are mounting within the Syrian Petroleum Company regarding the mechanisms for disbursing incentives, after it was discovered that certain employees received bonuses exceeding several times the average employee's monthly salary.

Riyad al-Jubasi granted bonuses totaling $1,200, a move that sparked controversy concerning the administrative and legal authority governing the disbursement of such sums under the current economic conditions.

Employee (M.A.) and five other workers received bonuses of $300 each, without these bonuses being based on published performance evaluation reports or documented professional achievements that would justify their exceeding the average salary of $100.

Lack of Eligibility Criteria

The current administrative reality indicates a lack of transparency in the implementation of the incentive system. Competent employees who exert significant effort in the field are marginalized in favor of certain individuals, placing the company's management under an obligation to clarify the basis for distributing these funds.

"The bonus system has transformed from a tool for motivating production into a means of widening the gap between employees, threatening the stability of the work environment."

These facts necessitate the intervention of the Director General, Engineer Youssef Qablawi, to answer the following questions:

- What legal controls did Riad Al-Jubasi rely on in granting bonuses worth thousands of dollars?

- Are these financial decisions subject to oversight by the Central Financial Control Authority?

- When will a fair incentive system be implemented that guarantees employee rights based on performance, not administrative proximity?

Zaman Al-Wasl

Syria, Germany sign air transport deal to restore flights, expand cooperation

Mon, 30 Mar 2026 21:01:00 +0300

Syria and Germany on Monday signed an agreement on air transport cooperation in Berlin, aimed at restoring air connectivity and expanding bilateral ties.

The agreement was signed in the presence of President Ahmad al-Sharaa, with Head of the General Authority of Civil Aviation and Air Transport Omar al-Hosari representing Syria and German Transport Ministry Secretary-General Claudia Elif Stotz representing Germany.

Officials said the deal is intended to resume air traffic between the two countries and increase opportunities for airlines, passengers and cargo operators.

It also includes provisions to develop partnerships such as code-sharing arrangements and to align aviation regulations with international norms.

Al-Sharaa arrived in Berlin on Sunday on an official visit with a ministerial delegation and has held talks with senior German officials to discuss broader cooperation.

SANA

Iraqi-Syrian Oil Pipeline: Feasibility Study with Capacity of 1.5 Million Barrels Per Day

Zaman Al Wasl — Sun, 29 Mar 2026 14:20:00 +0300

Amidst the geopolitical tensions in the region and the closure of the Strait of Hormuz, the Iraqi and Syrian governments are working to revive a strategic pipeline project to transport crude oil from the Kirkuk oil fields to the Syrian port of Banias on the Mediterranean Sea.

On Thursday, the Iraqi Ministry of Oil announced a radical shift in the project's nature, moving from a plan to rehabilitate the damaged old pipeline to a feasibility study for constructing a completely new pipeline with a capacity of up to 1.5 million barrels per day. This aims to ensure export flexibility and reduce reliance on vulnerable waterways.

Project Details: From Rehabilitation to New Construction

Iraqi Deputy Oil Minister Basim Mohammed Khudair confirmed in a press statement that the old Kirkuk-Banias pipeline has become inoperable due to decades of neglect and sabotage. He indicated that the ministry is currently conducting specialized studies for the construction of a new pipeline, known as the "Basra-Haditha Pipeline" project, which will include strategic branches extending towards Jordan and Syria, reaching Banias.

- Potential Route and Length:

The old pipeline is approximately 800-850 kilometers long. The proposed new route (Basra-Haditha) will be significantly longer, aiming to connect southern Iraq with the northwest. This will allow for the diversion of crude oil from southern fields to the north should conventional sources fail, granting Iraq unprecedented flexibility in its export operations.

Capacity and Costs

- Design Capacity:

According to preliminary studies, the new project aims to achieve a massive transportation capacity ranging from 700,000 to 1.5 million barrels per day. This contrasts sharply with the limited capacity of the old pipeline, which did not exceed 300,000 barrels per day before it ceased operations.

- Estimated Costs:

The project is estimated to require substantial investments:

• Cost of Rehabilitating the Old Pipeline: Initial estimates (before the decision to construct the new pipeline) indicated that rehabilitating the old pipeline with a capacity of 700,000 barrels per day would have cost approximately $8 billion.

• New Construction Cost: Some sources estimate the cost of completely rebuilding the pipeline network and new pumping stations at over $4.5 billion, taking into account that the pipeline will be dual-purpose (carrying two different types of oil) and will include the construction of new pumping stations.

Khodair confirmed that the project is still in the design and planning stages and will be put out to tender for specialized companies to ensure efficient implementation. The pipes are expected to be manufactured locally according to international standards.

Economic Benefits and Revenues for Syria

This project represents a vital opportunity for Syria, which is suffering from a severe energy crisis. Before 2011, Syria produced approximately 387,000 barrels per day, but production has now fallen to only about 8,000 barrels per day, with domestic consumption reaching 120,000 barrels per day.

- Financial Revenues:

Syria will receive significant financial revenues from the transit of oil through its territory. Studies indicate that annual revenues for oil transit systems in the region typically range from $1 to $2 per barrel. Accordingly, the new pipeline is expected to generate approximately $200 million in transit fees annually for Syria, assuming a capacity of 1.5 million barrels per day.

- Securing Domestic Market Needs:

Beyond revenue, the pipeline will provide a secure and cost-effective source of crude oil for the Banias and Homs refineries, reducing the heavy reliance on Russian oil imports via shadow fleets. This reliance exposes Damascus to the risks of secondary sanctions and high shipping costs.

Global Transit Fees and Project Significance

In such cross-border projects, transit fees depend on several factors, including the volume of transported volumes, partnership agreements between the countries, and pipeline maintenance costs. The global average for long-distance pipeline transit fees typically ranges from $0.50 to $5 per barrel. Given the strategic relationship between the two countries and their mutual need to secure oil flows, the expected revenue for this project falls within the mid-to-low range. Expected Completion Timeline

According to official statements and engineering sources, the project is expected to take approximately 24 to 36 months to complete, assuming immediate commencement of work and simultaneous reconstruction efforts on both the eastern and western sides. Youssef Qablawi, Director General of the Syrian Petroleum Company, indicated that the project is a top priority and that several development finance institutions, including some in Saudi Arabia, have expressed interest in funding it.

Geopolitical Context and Strategic Motivation

The accelerated implementation of the project comes amidst the ongoing conflict between the United States and Israel against Iran, which began on February 28, 2016, and effectively led to the closure of the Strait of Hormuz. This closure has severely hampered Iraqi oil exports, which rely on this waterway for 90% of their revenue. Through this pipeline, Iraq aims to open an alternative export route to Europe via the Mediterranean Sea and bolster its export capacity, which has declined by 80% from its southern oil fields.

Furthermore, the project's success will contribute to reducing Russian influence in Syria, where Russian oil currently represents a key leverage point, and will provide a more secure and stable alternative supply route.

Who runs 'Hashem Al-Aqqad' empire in his absence?

Zaman Al Wasl — Sun, 15 Mar 2026 15:21:50 +0300

Legal and financial circles in Damascus are awaiting the anticipated decision from the First Sharia Court regarding the appointment of a "representative for an absentee" to manage the assets and businesses of businessman Hashem Anwar al-Aqqad.

The significance of this decision stems from the scale of the investments involved and the legal complexities arising from existing and ongoing litigation among family members.

Legal Considerations: Appointment Criteria

According to sources familiar with the case, Anwar Hashem al-Aqqad (the eldest and only son of the abducted man) is the leading candidate for the position. His suitability is based on his close relationship with his father and his specialized academic qualifications; he is a graduate of Harvard University and Dauphin University, specializing in economics and financial engineering, qualifications directly relevant to the tasks required for managing and overseeing large commercial companies.

Meanwhile, the court is considering appointing the abducted man's mother, who is over eighty-six years old, or one of his brothers, a move that faces legal objections based on the principle of "conflict of interest."

The Problem of "Litigation" and its Impact on Administrative Integrity

This case raises fundamental legal questions about the appropriateness of appointing a "legal litigant" as the representative of the absent party. The documents indicate the existence of:

- A series of pending lawsuits: More than 20 financial and legal cases exist between the abductee and his siblings, including requests for judicial guardianship, audits, and company dissolution, all filed by the abductee.

- Concerns about the merging of legal positions: Legal experts believe that enabling the litigant to manage the assets of the absent party could lead to a situation where the individual becomes both "plaintiff and defendant" simultaneously, especially if there are pending cases requiring the defense of the absent party's rights against his siblings.

Loopholes in Administrative Procedures

The memoranda submitted to oversight bodies indicate that one of the disputing parties authenticated a "general power of attorney" under circumstances that warrant scrutiny. This was followed by procedures to dismiss the abductee's previous legal representatives and appoint new lawyers to represent the litigant, thus placing the integrity of subsequent legal actions under judicial review.

Legal and Oversight Responsibility

The spirit of Syrian law, specifically the articles concerning "absent and missing persons," stipulates that the primary purpose of appointing a representative is "to safeguard and preserve assets." Accordingly, observers are bringing this matter to the attention of the Minister of Justice to ensure:

- Complete impartiality in selecting the representative most committed to the interests of the absent person.

- Avoiding the appointment of any party with a direct or indirect conflict of interest with the absent person to guarantee that rights are not lost.

- Verifying the validity of powers of attorney activated after the abduction.

Protecting private property and ensuring the continuity of economic institutions in the absence of their owners requires judicial decisions characterized by accuracy and transparency, free from any pressure or interference that could affect the course of justice.

Chinese oil companies in Syria: Staying despite the danger, Economics or politics?

Thu, 12 Mar 2026 11:53:00 +0300

In stark contrast to the behavior of most international companies, the experience of Chinese companies operating in Syria's oil sector stands out as an exceptional case.

While global and regional companies declared force majeure one after another as oil fields fell out of the Assad regime's control in 2011, two giant Chinese companies took a different path, continuing their operations in areas deemed dangerous. Their decision reveals dimensions that extend beyond direct economic viability to broader geopolitical considerations.

Amid the Syrian revolution since 2011, the energy sector was among the hardest hit, with most oil fields falling out of Assad's control, investment contracts being suspended, and major companies like Shell and Total withdrawing. But the irony lay in the stance of two Chinese companies: SIPC, whose contract expired in 2024, and CNPC, whose contract was set to expire in 2027. Reports indicate that the latter recently requested to withdraw from Syria, a significant development that raises questions about the future of Chinese investment there.

A contrasting stance: Why didn't China declare force majeure?

While foreign and Arab companies rushed to declare force majeure—a contractual clause that releases a party from its obligations due to exceptional circumstances beyond its control—the two Chinese companies adhered to their development contracts.

Even when the oil fields in which they operated were outside Assad's control, they maintained their representative offices and continued operations, or at least kept their representation in place.

This decision reflects a long-term Chinese approach that does not treat Syria as a mere transit market, but rather as a strategic link in its chain of major projects, such as the Belt and Road Initiative, where major economic interests are decoupled from temporary security and political fluctuations.

Where are the Chinese oil fields concentrated in Syria?

To understand the significance of the Chinese decision, one must first understand where its investments are concentrated.

According to available reports, Chinese activity has not been limited to a single region, but has extended to fields in the east and west of the country, though the outcomes have varied.

- Fields in Homs Governorate (Central): The Qumqum and Abu Rabah oil fields in the Homs countryside are among the most prominent areas that have witnessed intensive Chinese activity. At the beginning of 2023, experts from the Chinese company Heilong Oil Services and Engineering arrived at these two fields and began exploration and well drilling under new investment contracts. This area remained under the control of the Syrian state, allowing work to continue relatively normally.

- Fields in the Northeast (Hasakah): This is the most complex part of the story. Chinese companies, particularly the China National Petroleum Corporation (CNPC), have long-standing investments in key oil fields in Hasakah Governorate, such as the Awda and Tishrin fields.

These fields, which once produced thousands of barrels per day, were outside Assad's control for many years and were previously under the control of the Syrian Democratic Forces (SDF). They suffered extensive looting and sabotage, with losses estimated at hundreds of millions of dollars.

Production and Financial Value: How Much Is China Losing?

It is estimated that the Syrian oil sector produced around 400,000 barrels per day before 2011, but this has declined to only 100,000-120,000 barrels per day in recent years.

While precise figures for the Chinese companies' share of this production are unavailable, their presence in key fields means that their financial losses due to looting and shutdowns have been substantial. Unconfirmed reports indicate that CNPC's losses in the Awda and Tishrin fields alone may approach $170 million as a result of looting of equipment and infrastructure.

However, these losses apparently weren't enough to push companies to withdraw immediately. Instead, they preferred to stay and protect their assets and long-term investments. Chinese companies view Syria as a promising market not only for oil, but also for future reconstruction, infrastructure, and telecommunications.

The Decision to Withdraw Now: Political or Economic?

With the new Syrian government controlling most of the northeastern oil fields by early 2026, and the Syrian Energy Minister announcing ambitious plans to increase production and rehabilitate the fields in cooperation with international companies, a pressing question arises: Why is CMPC requesting to withdraw now, when the security situation is beginning to stabilize in the government's favor?

Here, the economic and political spheres intersect:

1. US Pressure: Since the fall of Assad, Washington has intensified its pressure on Syria to abandon Chinese technology and equipment, especially in the telecommunications and energy sectors, urging it to cooperate with American or allied companies. This pressure could make the operating environment for Chinese companies more complicated in the coming period.

2. New International Competition: Following the relative stabilization of the situation, international companies from Qatar, Saudi Arabia, the UAE, the US, and Europe are racing to return to Syria or enter it for the first time. This momentum could mean that offers to China are no longer exclusive as they once were, and the new Damascus might prefer to diversify its partnerships.

3. Contract Restructuring: Chinese companies may be reassessing their old contracts signed with the previous regime and seeking to negotiate better terms with the new administration. Withdrawal could be a bargaining chip in these negotiations, or a de facto move if they find the new environment unsuitable for their investments.

The decision by Chinese companies not to declare force majeure during the war years was a purely political one, reflecting Beijing's desire to play a long-term role in Syria and protect its strategic investments. The potential withdrawal request now carries both economic and political dimensions, as companies assess the viability of their investments in light of a new competitive landscape and the contours of a different international order during the reconstruction phase.

The coming days will reveal whether China will be able to adapt to the new reality in Syria, or whether Syrian oil fields will witness a shift in strategic partners from the East to the West and the Gulf.

Zaman al-Wasl

Flynas Syria airline set to launch in fourth quarter 2026

Mon, 09 Feb 2026 12:07:20 +0300

Syria’s civil aviation authority has signed an agreement with Saudi low-cost carrier flynas to launch a new joint-venture airline, flynas Syria, in a move aimed at revitalizing the country’s air transport sector after more than a decade of disruption and international isolation.

Under the agreement signed Saturday in Damascus, the Syrian General Authority of Civil Aviation and Air Transport will hold a 51% stake, while flynas will own the remaining 49%, flynas said in a statement on its website. Commercial operations are expected to begin in the fourth quarter of 2026, pending regulatory approvals, it added.

The airline will operate flights to destinations across the Middle East, Africa, and Europe, with licensing and operational arrangements currently being finalized in coordination with relevant authorities. flynas said, “This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet the growing demand for air travel.”

Saudi Investment Minister Khalid Al-Falih, speaking at the signing ceremony, described aviation as a “key enabler of economic development,” calling the partnership a step toward “constructive investment cooperation” between the two countries.

Omar al-Hosari, head of Syria’s civil aviation authority, called the agreement a “strategic step within a comprehensive national vision aimed at rebuilding and developing Syria’s civil aviation sector.” He added that the partnership reflects Syria’s commitment to “smart cooperation models with trusted regional partners,” which will enhance regional air connectivity.

flynas chairman Ayed Al Jeaid hailed the deal as “a historic moment in the company’s journey,” while CEO Bander Almohanna highlighted Syria’s geographic location and tourism potential, describing it as “a vital hub for air travel.”

The airline currently operates 23 weekly flights from Riyadh, Jeddah, and Dammam to Damascus, including two daily flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam. In June 2025, the airline became the first Saudi carrier to resume scheduled flights to the Syrian capital since services were suspended during the war.

Syrian–Lebanese business forum opens in Damascus to boost tech and investment ties

Sun, 08 Feb 2026 12:16:00 +0300

A Syrian–Lebanese business forum aimed at strengthening technical and investment cooperation between the two countries opened on Sunday in Damascus, bringing together business leaders, experts and technology firms.

The forum, held at the Seven Gates Hotel, was organized on the initiative of the Arab Internet and Communications Union (ARISPA), in cooperation with the Syrian Scientific Society for Informatics and Lebanon’s Professional Computer Association.

Participants include representatives of companies working in technology, software and telecommunications, alongside decision-makers and specialists, with discussions focused on economic cooperation, digital development and the exchange of expertise.

Speaking at the opening, Minister of Communications and Information Technology Abdulsalam Haykal said the ministry is working to build an integrated digital future by upgrading digital infrastructure and expanding digital services to meet public needs.

Haykal said priorities include strengthening cybersecurity, developing digital leadership, creating a more attractive investment environment and building skilled human capital, with an emphasis on regional and international integration through strategic projects, including the Silk Link initiative.

He also called on regional and international companies, particularly Lebanese firms, to invest in Syria’s telecommunications sector, saying the ministry follows an open-door policy based on transparency and partnership with local expertise.

The minister said effective cooperation would be measured by practical implementation, adding that the ministry is committed to providing a clear investment framework and facilitating procedures for investors.

SANA

Saudi Arabia set to announce major new Syria investments, Syrian official says

Tue, 03 Feb 2026 17:31:00 +0300

Saudi Arabia will invest in a new private Syrian airline as part of a multi-billion-dollar investment package expected to be announced on Saturday, the head of the Syrian Investment Authority told Reuters, reflecting Riyadh’s deepening ties to Damascus.

The latest planned investments will mark the largest such announcement since the United States lifted a tough set of sanctions on Syria in December.

The sanctions had been a significant obstacle to Syria’s economic revival after a 14-year civil war that inflicted deep damage on much of the country and displaced millions of people.

Saudi investments would include projects in “telecommunications and real estate, especially in the old towns,” said the investment authority head, Talal al-Hilali, speaking to Reuters on Tuesday.

Al-Hilali said that the majority of the planned investments would take the form of ready-to-implement contracts, rather than non-binding memoranda of understanding. He declined to give a value for the investments.

Riyadh has emerged as a close ally of Damascus since the toppling of Bashar al-Assad some 14 months ago. Last year, Riyadh announced $6.4 billion of investments, split into 47 deals with more than 100 Saudi companies working in real estate, infrastructure and telecoms.

Two Syrian sources familiar with the matter said aviation investments would include contracts to develop Aleppo International Airport. The sources said the new private airline is expected to launch with more than a dozen aircraft.

Al-Arabiya, Reuters

Syrian Petroleum Company: Final organizational structure awaits launch

Fri, 30 Jan 2026 00:41:00 +0300

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