Saudi and US firms partner on northeast Syria Energy Project
According to two sources with knowledge of the plans, two Saudi Arabian firms and three U.S. companies are planning to form a consortium to explore and produce oil and gas in the?northeastern?Syria.
The sources stated that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with Saudi Arabia's ACWA Power, and TAQA to complete the project. It would cover four to five exploration blocks in the northeastern area.
This would be one of many?big business deals? that have spanned the Syrian economy since the former autocrat Bashar Al-Assad was overthrown by Islamist rebels who became rulers a year ago. And after the'most stringent U.S. sanction were lifted in December.
Syria's infrastructure for energy is badly damaged after 14 years of war and needs billions of dollars in investment. The government is looking to foreign investors to help.
Jonathan Bass, CEO of Argent LNG, confirmed that both companies expect to sign a Memorandum Of Understanding for the project within the next few weeks.
Bass stated, "We are very excited to be realizing the visions and goals of U.S. president Donald?Trump as well as Syrian President Ahmed al-Sharaa in bringing Syria from darkness into light."
A spokesperson from Hunt declined to make any comments. Baker Hughes, ACWA Power, and TAQA didn't respond to emailed comments. The three U.S. firms signed an MOU in July with the Syrian government to develop a plan for the energy sector of the country.
'ONE SYRIAN Flag' The Kurdish-led Syrian Democratic Forces have agreed to integrate with the state, after being pushed back last month by government forces.
Bass, a proponent of lifting U.S. sanctions on Syria who was an early supporter, stated that the goal was to bring Syrians closer together by equitably sharing the resources of the country.
He said that "this new development under a single Syrian flag unites east and west by?weaving together the country through economic benefits."
Sources say that representatives of most of these companies met with the Syrian Petroleum Company in Syria earlier this month. Youssef qeblawi, the head of SPC, did not reply to a request for comments. Saudi Arabia, which is a major supporter of Sharaa’s government, announced over the weekend multi-billion dollar investments in Syrian infrastructure, transport and telecoms. Last week, U.S. energy giant Chevron, along with Qatari firm UCC Holding, signed an agreement for the exploration of offshore gas reserves off Syria.
(source: Reuters)
