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Exports

Syria Exports Heavy Crude Oil After 14-Year Break

Strategic Insights

— 1 min read

Syria has exported 600,000 barrels of heavy crude oil to a global oil trading firm, B Serve Energy, marking the country's first official export of oil in 14 years. The oil was extracted from several fields in Syria, including those in the northeast held by Kurdish-led authorities. This move comes as the new government, following the ouster of Bashar al-Assad, has pledged to revive Syria's economy.

Key Takeaways:

  • Syria exported 600,000 barrels of heavy crude oil to B Serve Energy, a global oil trading firm linked to BB Energy.
  • The oil was extracted from several Syrian fields, including those in the northeast controlled by Kurdish-led authorities.
  • Syria's energy ministry has stated that the oil was exported on the Nissos Christiana tanker.
  • The export marks the country's first official export of oil in 14 years.
  • Syria's energy production decreased significantly during the nearly 14-year war, with the country exporting 380,000 barrels of oil per day in 2010.
  • The new government has pledged to revive Syria's economy, which was devastated by the war.
  • US and European sanctions complicated both legitimate exports and imports for several months after Assad's ouster.
  • A master plan is being developed by US-based firms to help explore and extract Syrian oil and gas.
  • Syria has signed a memorandum of understanding with DP World to develop, manage, and operate a multi-purpose terminal at Tartus.

Statistics:

  • 600,000 barrels: The amount of heavy crude oil exported by Syria.
  • 380,000 barrels per day: The amount of oil Syria exported in 2010.
  • $800 million: The value of the memorandum of understanding signed with DP World to develop the multi-purpose terminal at Tartus.
  • 14 years: The length of time since Syria's last official export of oil.
  • February: The month when Kurdish-led authorities began providing oil to the central government in Damascus.
  • June: The month when US President Donald Trump issued an executive order to lift American sanctions on Syria.

Sources:

  • Reuters
  • Syria's energy ministry

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