Subjects – Syria Report



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.
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.
For years, Damascus has blamed sanctions for preventing the government from rebuilding its electricity infrastructure. However, in the last decade, Damascus has repaired several power plants and built new ones. Importing more fuel oil and using it to generate more electricity would be a solution if Damascus was not so reluctant to avoid increasing its subsidy bills. On top of that, Syria seems to be gradually gearing towards a scenario where a few powerful business actors benefit from using neighbourhood power generators and oppose the increase in production of the state utility.
Since the arrival of the new Indian ambassador, Irshad Ahmad, to Syria last October, Mr Ahmad has immediately stepped up the economic diplomacy efforts. Yet, bilateral trade between India and Syria has declined since 2019.
Minister of Petroleum and Mineral Resources Firas Hassan Qaddour announced during an event organised by the ministry its plan to increase the annual phosphate production to 10 million tonnes, Tishreen reported on February 10. 



Import and exports of foodstuff and detergents.