Syria Exports 600,000 Barrels Of Crude Oil In First Shipment In 14 Years

Syria has exported crude oil for the first time in 14 years. The Ministry of Energy confirmed that 600,000 barrels of heavy crude were loaded on September 1 onto the Greek-owned tanker Nissos Christiana, which has a capacity of 114,264 deadweight tons, at the port of Tartus.

Tracking data showed the tanker had not yet departed Syria.

The crude was purchased by B Serve Energy, a company linked to global oil trader BB Energy. A Syrian energy official, Riyad al-Joubasi, said the shipment was taken from several oil fields in the country but did not specify which ones.

Before the war, Syria exported about 380,000 barrels per day in 2010. At that time, Shell operated the country’s largest field with government partners, and France’s Total ran the second-largest. Both companies suspended operations in 2011 when European sanctions were introduced.

Syria’s oil industry collapsed during the nearly 14-year war that followed mass protests against President Bashar al-Assad in 2011. Assad was removed from power in December last year, and the new Islamist-led government has pledged to rebuild the economy.

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For several months after the transition, U.S. and European sanctions continued to block energy trade, but in June U.S. President Donald Trump issued an executive order lifting American sanctions. The move opened the way for U.S.-based firms to start working on a master plan for oil and gas exploration in Syria.

Additionally, Syria signed an $800 million MOU with Dubai’s DP World to develop, manage, and operate a new multi-purpose terminal at Tartus. This agreement canceled a previous contract with Russian company OAO Stroytransgaz, which had been operating the port since 2019.

For years, the Russian Navy used the port as a supply and maintenance base for its Mediterranean Flotilla. Earlier this month, the Russian Kilo-class submarine RFS Novorossiksk (B261), along with the Goryn-class tug Yakov Grebelskiy, was tracked near Tartus.

Open-source analyst Italmilradar reported that both vessels appeared to be preparing to leave the Mediterranean through the Strait of Gibraltar.

Reference: Reuters

Source: Maritime Shipping News