Saudi Arabia Grants Syria 1.65 Million Barrels of Oil in Gesture of Support
Under directives from King Salman and Crown Prince Mohammed bin Salman, Saudi Arabia donates 1.65 million barrels of crude oil to the Syrian Arab Republic.
In a significant gesture of support for the war-torn nation, Saudi Arabia has granted Syria 1.65 million barrels of crude oil.
This move underscores Saudi Arabia's commitment to aiding the Syrian people and strengthening ties between the two countries.The agreement was formalized through a memorandum of understanding signed by Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, and Mohammed Al-Bashir, Syria’s Minister of Energy.
The signing ceremony included the presence of key officials, including Saudi Ambassador to Syria Faisal Al-Majfel and Majid Al-Uteibi, deputy minister for Oil and Gas Technical and Regulatory Affairs.The oil grant aims to enhance Syrian refineries' operational efficiency and achieve financial sustainability, thereby supporting economic development and addressing economic challenges.
This support is expected to contribute to the growth of vital sectors and bolster national and international efforts toward achieving sustainable development goals, as per the SPA report.This donation aligns with Saudi Arabia's broader efforts to reintegrate Syria into the Arab fold after years of isolation.
Following the reopening of its embassy in 2024, Saudi Arabia worked alongside Qatar to settle Syria’s World Bank debt, thereby unlocking access to vital international funding.
The Syrian-Saudi Investment Forum further solidified these ties, resulting in 47 agreements worth $6.4 billion targeting various economic sectors.In addition to the oil grant, Saudi Arabia has announced a new reconstruction project aimed at clearing rubble and aiding rebuilding efforts in Damascus.
The King Salman Humanitarian Aid and Relief Centre will provide an aid package to remove an estimated 75,000 cubic meters of rubble from the capital and surrounding areas.
Furthermore, this aid will support the rebuilding of 34 schools in Aleppo, Idlib, and Homs, as well as the reconstruction of numerous bakeries and the rehabilitation of sewage and water infrastructure in Damascus.
This move underscores Saudi Arabia's commitment to aiding the Syrian people and strengthening ties between the two countries.The agreement was formalized through a memorandum of understanding signed by Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, and Mohammed Al-Bashir, Syria’s Minister of Energy.
The signing ceremony included the presence of key officials, including Saudi Ambassador to Syria Faisal Al-Majfel and Majid Al-Uteibi, deputy minister for Oil and Gas Technical and Regulatory Affairs.The oil grant aims to enhance Syrian refineries' operational efficiency and achieve financial sustainability, thereby supporting economic development and addressing economic challenges.
This support is expected to contribute to the growth of vital sectors and bolster national and international efforts toward achieving sustainable development goals, as per the SPA report.This donation aligns with Saudi Arabia's broader efforts to reintegrate Syria into the Arab fold after years of isolation.
Following the reopening of its embassy in 2024, Saudi Arabia worked alongside Qatar to settle Syria’s World Bank debt, thereby unlocking access to vital international funding.
The Syrian-Saudi Investment Forum further solidified these ties, resulting in 47 agreements worth $6.4 billion targeting various economic sectors.In addition to the oil grant, Saudi Arabia has announced a new reconstruction project aimed at clearing rubble and aiding rebuilding efforts in Damascus.
The King Salman Humanitarian Aid and Relief Centre will provide an aid package to remove an estimated 75,000 cubic meters of rubble from the capital and surrounding areas.
Furthermore, this aid will support the rebuilding of 34 schools in Aleppo, Idlib, and Homs, as well as the reconstruction of numerous bakeries and the rehabilitation of sewage and water infrastructure in Damascus.
