Syria announces the largest oil import tender in its history

Syria has announced the largest oil tender in its history, a move aimed at securing the country’s fuel needs during the second quarter of this year.

The Syrian Ministry of Oil and Mineral Resources announced on Wednesday that a tender had been opened to import 7 million barrels of crude oil for the Baniyas refinery.

The ministry explained that the requested oil must meet certain specifications, and that if these specifications differ, a discount or increase will be applied to the price per barrel, depending on the variables, indicating that that the tender is subject to modification by 10%, or approximately 700,000 barrels, at the seller’s discretion, with the possibility of increasing the contracted quantity by mutual agreement.

The Syrian Ministry of Oil and Mineral Resources is seeking to boost Syria’s crude oil imports to meet growing fuel demand by purchasing approximately 7 million barrels for the Baniyas refinery, which will be supplied during the second quarter of the year.

Last January, the Syrian government issued a tender to import 4.2 million barrels of crude oil, in addition to 100,000 tons of fuel oil and diesel.

In recent days, four oil tankers from Russia have arrived at Syrian ports, after some international companies refrained from participating in the first tender due to sanctions imposed on Damascus.

The Syrian Ministry of Oil and Mineral Resources has set Monday, April 7, as the deadline for submitting bids, with bids to be opened the following day, Tuesday, April 8.