Syria ships first oil cargo in 14 years

Syria has restarted oil exports for the first time in 14 years, sending a 600,000-barrel cargo of heavy crude from Tartus on Monday under a deal with trading firm B Serve Energy, according to the Ministry of Energy.

The shipment, loaded onto the tanker Nissos Christiana, marks a major step for the country’s energy sector, which collapsed after the 2011 uprising and years of conflict. Riyad al-Joubasi, deputy head of oil and gas at the ministry, said the barrels were drawn from multiple fields but declined to give details.

Before the conflict, Syria shipped around 380,000 barrels per day (bpd) abroad. According to Reuters, the conflict left infrastructure in ruins and production a fraction of pre-war levels. Most oilfields remain in the northeast, an area under Kurdish-led control, where strained relations with Damascus have complicated cooperation.

The administration that replaced Bashar al-Assad has pledged to rebuild the economy. Washington lifted sanctions in June, allowing American companies to prepare investment plans for Syrian oil and gas.

In a separate move to boost trade flows, Syria signed an $800 million agreement with Dubai-based DP World to manage and expand a multi-purpose terminal at Tartus, ending a previous arrangement with a Russian operator.

Attribution: Reuters

Subediting: Y.Yasser