Syria exported 600,000 barrels of heavy crude in its first oil shipment in years, as the lifting of western sanctions brings relief to its war-ravaged economy.
According to Bloomberg, Tanker Nissos Christiana transported the fuel from the Mediterranean port of Tartus, the Syrian Company for Oil Transport’s general manager told state news agency Sana. The domestic market is supplied since as two refineries in Baniyas and Homs are operating at full capacity, the outlet reported.
A civil war that started with a rebellion against former President Bashar al-Assad in 2011 wrecked swathes of Syria and saw the country hit with crippling sanctions. An Islamist uprising toppled the autocrat in December, paving the way for the removal of sanctions and foreign investment, though sectarian violence and Israeli air strikes have kept the country in disarray.
In July, President Donald Trump lifted US sanctions in a bid to boost its ailing economy and support the new government. Two months earlier, the European Union also lifted all remaining economic sanctions against Syria.
The nation’s dilapidated infrastructure remains a challenge for oil companies. President Ahmed Al-Sharaa, whose Hayat Tahrir Al-Sham group led the revolt against Assad late last year, has sought to forge stronger ties with Arab countries, particularly in the Gulf, to rebuild his nation. Saudi Arabia, Qatar and the United Arab Emirates have been among his key backers.
This year, the Syrian government signed deals with Saudi companies to rehabilitate its energy sector, and an agreement worth $800 million with Dubai-based logistics company DP World Ltd. to develop the port of Tartus and logistics areas in Syria.
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