The Syrian Salvation Government, the political arm of Hayat Tahrir Al-Sham that controls most of the Idlib governorate, has restructured the lucrative oil and mobile telecommunications sectors to its benefit.
Syria’s oil and gas sector has suffered indirect and direct losses totalling USD 107.10 billion from the start of the uprising in 2011 until mid-2022, according to the Ministry of Foreign Affairs and Expatriates. Meanwhile, the Ministry of Petroleum provided a breakdown of oil and gas production during the first half of the year
The government has recently launched the first phase of a country-wide GPS scheme that requires vehicle owners to install GPS devices or face exemption from the state’s oil subsidy programme. The controversial GPS surveillance system would enable the government to calculate the oil product needs of vehicle owners and surveil ordinary Syrians.
Although Iranian oil supplies to Syria have remained stable and a new Iranian credit line was activated in May, prices have not been curbed. The government recently increased the price of petrol by up to 127 percent, which has immediately impacted the cost of transportation and food.
Last month, the SyrPetro oil and gas exhibition and the CemTech cement conference were held in Damascus, highlighting potential up-and-coming local and foreign players within these industries.
The government has increased unsubsidised oil prices, attributing the hike to “rising global oil prices” and to its effort “to narrow the wide gap with black market prices.” Damascus has also announced a new Iranian credit line for the purchase of oil supplies from Tehran.
The Ministry of Petroleum and Mineral Resources has provided data on the country’s production of crude oil, petroleum products and phosphate last year.
Amid an acute economic crisis, the prices of commodities – including cereals, key food items, oil products, and COVID-19-related items – have soared last year compared with 2020, according to the World Food Programme’s Market Price Watch Bulletin for Syria. Despite the fact that the government has increased public sector salaries, the purchasing power of Syrians is nonetheless unable to keep pace with the rising cost of living.
Iran’s crude oil exports to Syria have remained stable for the third quarter in a row, at around 6.9 million barrels for the last three months of 2021. On a year-on-year basis, 2021 witnessed a 42.2 percent surge in Iranian oil shipments to Syria.
The Syrian Prime Minister has toured several governorates at the head of relatively large delegations to launch a series of projects across the country in the first visit of its kind in many years.
The Syrian Salvation Government has decided to price oil products sold in parts of the Idlib Governorate controlled by Hayat Tahrir Al-Sham in US dollars rather than Turkish liras amid the rapid collapse of the Turkish currency. Meanwhile, the Syrian government has increased the price of subsidised petrol sold via the smart card system by 46 percent, as supply shortages persist.
The economic crisis in Northwest Syria has been hit hard by Turkey’s economic crisis, in addition to the chronic crises already afflicting the country. The purchasing power of residents is at its lowest levels, sparking mass protests and prompting the leader of Hayat Tahrir Al-Sham, Abu Mohammad Al-Jolani, to meet with the Syrian Salvation Government's Shura Council to review the financial and bread crises.
Revising its decades-old subsidy policy, the government has announced that it will exclude segments of the population from its list of beneficiaries based on income level.
The government has recently increased the prices for gas oil and butane gas cylinders in the midst of a worsening economic crisis and severe oil and gas shortages.
On Tuesday, France's Court of Cassation overturned an earlier decision by a lower court to dismiss the charges of complicity in crimes against humanity brought against the multinational cement manufacturer, Lafarge.
The Syrian government is continuing to reduce the quantity of subsidised bread allocated to consumers as it pares back subsidies on other key commodities, fuelling already soaring living costs and posing more risks to food security.
While the Syrian government scales back subsidies on a wide range of commodities, President Bashar al-Assad has issued two decrees raising the salaries of civil servants and military personnel by 50 percent.
The administration in charge of northeast Syria has announced the introduction of a new smart card system to manage the sale and distribution of subsidised oil products that are in short supply.
The autonomous administration in charge of northeast Syria reversed a decision to raise prices of oil products last week in response to a popular backlash, illustrating the constraints it faces in enacting economic policies.
A new electric vehicle manufacturer in Syria has partnered with a microfinance lender to sell its products to an increasingly impoverished population, seeking to capitalise on a growing need for alternative means of transportation amid chronic fuel shortages.