Syria signed a Memorandum of Understanding for the Exploration of Oil and Gas in Syrian Territorial Waters
On Wednesday, the Syrian government signed a memorandum of understanding with Chevron and Power International Holding to explore for oil and natural gas in Syria’s territorial waters.
During the signing of the memorandum, the CEO of the Syrian Petroleum Company, Yousef Qablawi, said that the importance of these memoranda comes from their role in strengthening the national economy.
He continued: “We’ve allocated a team and with its efforts we will support this agreement to be a contract,” adding, “The oil wells were subjected to acts of sabotage before the state took control of them”.
During the signing of the memorandum, US envoy to Syria Thomas Barrack said: “Syria is once again impressing us with its vertical and horizontal fabric, under the leadership of President Ahmed al Sharaa.
“Chevron is one of the most important and largest companies that goes wherever the US policy moves, and this partnership represents a transformative step to paint a new image of Syria after years of suffering,” according to Barrack.
Barrack added that political leadership is a key pillar in building the recovery and stability phase, and that investment in the energy sector opens up prospects for better jobs and lives in Syria.
