Oil News

18-06-2024
The Syrian government has granted a licence to an Iranian company and two Iranian businessmen to establish an Islamic bank called Al-Madina Islamic Bank. The Central Bank of Syria has said that Iran holds a 60 percent stake in the bank, reflecting Tehran's "confidence in Syria's economic recovery and development.” Al-Madina Islamic Bank has a capital of SYP 50 billion. This development marks a milestone in the Tehran-Damascus relations given that for some two decades all the attempts to establish a joint Syrian-Iranian bank in Syria have failed.
11-06-2024
The Syrian government has inaugurated this month several projects - from a five-star hotel to a water pumping station - in the Deir-ez-Zor governorate, worth approximately SYP 60 billion in total (around USD 4.04 million at the current black-market rate). This is the second time within a year that a high level ministerial delegation visits the governorate.
11-06-2024
The Autonomous Administration in North and East Syria has estimated this year’s budget at USD 1.06 billion, with projected revenues of USD 670 million, primarily from oil revenues, resulting in an expected deficit of USD 389 million, with no clear plan on how this deficit will be covered.
04-06-2024
During the visit of a Syrian business delegation to Belgrade in May, Serbian University Novi Sad announced dozens of scholarships for the children of Syrian regime soldiers killed in action. The choice to offer scholarships to children of the Syrian ‘martyrs’ is highly politically charged, given the widely documented international law violations perpetrated by the Syrian army in 13 years of conflict. 
04-06-2024
The Minister of Economy of the Syrian Interim Government, AbdulHakim Al-Masri, delves into the most pressing issues facing the areas under SIG control and offers an insight into the SIG’s organisational structure and the economic activity in the region.
04-06-2024
The Autonomous Administration in Northeast Syria (AANES) has announced a remarkably low wheat procurement price of USD 310 per tonne for the current season, down from USD 430 in 2023, sparking a wave of protests from farmers in several cities, among them Qamishli, Raqqa, Darbasiyah and Amuda. 
30-04-2024
The Syrian government has issued their wheat procurement prices at SYP 5.5 million (around USD 366) per tonne, a stark increase from the SYP 2.8 million per tonne offered to local farmers in 2023 and the SYP 2 million offered in 2022.
23-04-2024
On January 28, Russian company RPOST-M LLC was established in Syria to provide security services. The company was founded by Maxim Yurievich Grekhov, reportedly a former undercover officer for the Russian intelligence services. The recent establishment of the RPOST-M branch in Damascus may suggest a strategy of distributing the previous interest of Wagner among different companies, instead of a single company or leader.
09-04-2024
Iran's oil exports to Syria decreased 27 percent in the first quarter of 2024 compared with the last quarter of 2023, and 24 percent on a year-on-year basis. In the last quarter of 2023, exports stood at 8.8 million barrels, an average of 95,938 bopd, while in the same quarter of last year they reached 9.1 million barrels, averaging 101,750 bopd. This quarter’s results are the lowest in two years, since Q2, 2022, when exports stood at 6.2 million barrels.
02-04-2024
Private sector electricity providers, using small power generators working on gas oil, are increasingly spreading across regime areas, after initially starting operating in the Aleppo governorate in 2013. Since then, they have expanded to the governorates of Damascus, Rural Damascus, Lattakia and Tartous.
02-04-2024
A week after the visit of high ranking officials of the International Atomic Energy Agency to Damascus re-establishing official communications with the government of Bashar Al-Assad, the Atomic Energy Commission of Syria and the Russian state nuclear corporation, Rosatom, have signed a Memorandum of Understanding on the field of peaceful uses of atomic energy.
02-04-2024
Fish production has reached 13,000 tonnes this season, reaching pre-2011 levels. Syria's imports of fish and fishery products are expected to rise following the Central Bank of Syria's decision on February 18 to allow tourist establishments to import seafood and fishery items not available in the local market.
19-03-2024
President Bashar Al-Assad issued Law 11 of 2024 on March 13, merging the two state-owned textile organisations – the General Organisation for Cotton Ginning and Marketing and the General Organisation for Textile Industry – to establish the General Company for Textile Industry. The merger intends to cut costs, modernise management techniques and improve flexibility in production, contracting and trade operations.
19-03-2024
In a context where the industry lacks proper safety regulations and three-quarters of AANES revenues depend on oil production, business profitability comes at the expense of health and environmental rights. Since taking control of the oil fields in the northeast in 2018, the Syrian Democratic Forces have “contracted private businesses to run the oil fields in its territories to reduce operation costs,” and these actors rely on “primitive methods” to refine oil.