Syria signs a $7 billion worth energy deal with an international consortium
Syria announced on Thursday the signing of an energy agreement and memorandum of understanding with a consortium of four international companies worth $7 billion, Energy Minister Mohammed al Bashir announced, as Syria seeks to rebuild its dilapidated infrastructure after years of conflict.
At the signing ceremony, attended by Syrian transitional President Ahmed al Sharaa, US Special Envoy to Syria Thomas Barrack, and representatives of two Qatari and US companies, as well as two Turkish companies, al Bashir said, “Today we are signing an agreement and memorandum of understanding that is the first of its kind in Syria in terms of size, type, and value… The investment has reached seven billion dollars with a coalition of leading international energy companies”.
According to Syrian minister of energy, this agreement will allow for investment in the energy sector to generate 5,000 megawatts.
The agreement was signed between representatives of the Syrian state and the Qatar-based UCC Holding, in addition to the Turkish companies Kelon Energy and Cengiz Energy, and the American company Power International USA.
According to al Bashir, the agreement includes the development of four combined-cycle gas turbine (CCGT) power plants in the Deir ez-Zor and Mahardah regions in the Hama countryside, and in the Homs countryside with a total generation capacity estimated at approximately 4,000 megawatts, using American and European technologies.
The project also includes the development of a 1,000-megawatt solar power plant in southern Syria.
The new Syrian authorities are seeking to launch a path toward economic recovery and reconstruction after the overthrow Assad regime, following a 14-year war that devastated the country’s economy and infrastructure.
The conflict has severely damaged the electricity infrastructure, with power outages lasting more than 20 hours a day.
The new Syrian administration hope to attract investment in various sectors, particularly after the United States and the European Union announced in May the lifting of years-long sanctions on Syria.
