Syria officially confirmed on Monday (September 1st) that the country exported approximately 600,000 barrels of heavy crude oil from the Mediterranean port of Tartus, marking the first official external sale in 14 years. This move is seen as an important step in rebuilding the economy after the lifting of sanctions by the US and Europe.
Deputy Minister of Energy of Syria, Riyad al-Joubasi revealed to Reuters that this batch of oil was sold to an international trading company and was shipped out of the port by the oil tanker “Nissos Christiana.” The origin of the oil comes from multiple oil fields, but the specific locations have not been disclosed.
According to Bloomberg citing the Syrian Arab News Agency (SANA), domestic market supply is being maintained at full capacity by the refineries in Baniyas and Homs, therefore, there will be no impact due to the exports.
Prior to the outbreak of the civil war in 2010, Syria’s daily oil production was around 380,000 barrels, but the war and international sanctions led to a prolonged decline in production capacity. Former President Bashar al-Assad stepped down in December last year under pressure from anti-government militias, and the new Islamic-led government promised to rebuild the economy.
In June this year, US President Donald Trump signed an executive order lifting sanctions on Syria, paving the way for foreign investment. The European Union also passed relevant laws in May, lifting most of the remaining economic restrictions.
Subsequently, American and Middle Eastern energy companies have started cooperation, planning exploration and long-term development projects for Syria’s oil and gas resources.
Current President Ahmed Al-Sharaa leading the “Hayat Tahrir al-Sham” is actively strengthening ties with the Arab world, particularly Gulf countries.
This year, Syria has signed energy infrastructure agreements with Saudi companies and reached an $800 million cooperation with DP World Ltd. in Dubai to develop Tartus port and logistics zone.
However, Syria still faces serious challenges in security and governance. Sectarian conflicts and Israeli airstrikes continue to destabilize the situation, while the dilapidated infrastructure weakens foreign investor confidence.
Additionally, Syria’s main oil and gas fields are concentrated in the northeast, controlled for a long time by the Kurdish-led Syrian Democratic Forces (SDF). The Sharaa government has held multiple rounds of negotiations with the SDF on armed integration and energy management issues, but a comprehensive agreement has not been reached so far due to differences in autonomy and minority rights.
With the first batch of oil re-entering the international market, Syria is hoping to gradually repair its shattered economy and energy industry due to war and sanctions by leveraging foreign investment and support from regional allies.
(This article references reports by Reuters and Bloomberg)