Syria Exports Heavy Crude Oil After 14-Year Pause

Strategic Insights -

Syria has exported 600,000 barrels of heavy crude oil from the port of Tartus, marking the first official export of oil in 14 years. The oil was sold to trading firm B Serve Energy, which has ties to global oil trading firm BB Energy. The export comes after the US lifted sanctions on Syria in December, allowing US-based firms to help explore and extract Syrian oil and gas. This development follows the fall of President Bashar al-Assad and the end of Syria's civil war, which devastated the country's economy and infrastructure.

Key Takeaways:

  • Syria exported 600,000 barrels of heavy crude oil to trading firm B Serve Energy, marking the first official oil export in 14 years.
  • The oil was extracted from several Syrian fields, but the exact locations were not specified.
  • The export is a result of the US lifting sanctions on Syria in December, allowing US-based firms to help explore and extract Syrian oil and gas.
  • Syria's energy ministry has signed an $800 million memorandum of understanding to develop, manage, and operate a multi-purpose terminal at Tartus.
  • The trading firm B Serve Energy has ties to global oil trading firm BB Energy.
  • US-based firms have began to help explore and extract Syrian oil and gas after the US President Donald Trump issued an executive order to lift American sanctions on Syria in June.
  • Syria's oil production was 380,000 barrels per day in 2010, a year before the civil war began.
  • The Islamist-led government that replaced Assad has pledged to revive Syria's economy and revive its oil industry.

Statistics:

  • 600,000 barrels of heavy crude oil exported from Syria in one shipment.
  • 380,000 barrels of oil per day (bpd) produced in Syria in 2010.
  • $800 million: The value of the memorandum of understanding to develop, manage, and operate a multi-purpose terminal at Tartus.

Sources:

  • Reuters
  • Syrian energy ministry official Riyad al-Joubasi
  • BB Energy
  • US President Donald Trump