The Independent: The Syrian oil sector is waiting for a lot of development
The Independent newspaper reported that the phase of economic and trade openness witnessed in Syria after the fall of Assaf regime, began to give way to foreign investments, especially in the oil and gas sector, as the American company Chevron held a preliminary meeting with the Syrian Petroleum Company at the beginning of this month to discuss opportunities for cooperation in the exploration of offshore resources.
The British newspaper pointed out that the lifting of most of the sanctions imposed on Syria has revived hopes of opening the door to large-scale investments, especially with the imminent repeal of the Caesar Act, considering that Chevron’s visit to Damascus confirms that the Syrian oil sector is about to enter a new phase of development, in light of a declared trend to enhance cooperation with international energy companies.
According to Syrian energy researcher Ziad Arbash who explained that a lot of expected economic benefits will come by the entry of major companies such as Chevron into the Syrian market, as it will bring multiple benefits, most notably:
Provide advanced technologies for exploration and production.
Increase gas production and improve energy security.
Boosting government revenues, which were 25% dependent on the energy sector.
Reduce dependence on imports and support reconstruction projects.
He also pointed out that Syria has already signed agreements worth $7 billion with US and Qatari companies to establish gas plants and solar energy projects.
Chevron is one of the “Five Giants” of the global oil industry, along with ExxonMobil, Shell, British Petroleum, and Total.
The American company operates an extensive network of oil and gas extraction and refining operations, as well as the manufacture of petroleum and petrochemical products, and has recently expanded its business towards renewable energy projects as part of its energy diversification policy.
