RIYADH – Two Saudi companies and three U.S.-based companies plan to form a consortium for oil and gas exploration and energy production in northeastern Syria, according to two people with direct knowledge of the plan.
Baker Hughes, Hunt Energy and Argent LNG plan to partner with Saudi Arabia’s ACWA Power and TAQA on the project, which will cover about four to five exploration blocks in the northeastern region, officials said.
It is the latest in a series of big business deals across Syria’s economy since former dictator Bashar al-Assad was ousted by the Islamic rebel-turned-ruler a year ago and the toughest US sanctions were lifted in December.
After 14 years of civil war, Syria’s energy infrastructure has been severely damaged and requires billions of dollars in investment, with the government seeking to secure funding from abroad.
Argent LNG CEO Jonathan Bass confirmed that the two companies plan to sign a memorandum of understanding for the project in the coming weeks.
“We are very excited to fulfill the vision of U.S. President Donald Trump and Syrian President Ahmed Al Shara and move this country forward from darkness to light,” Bass said.
A spokeswoman for Mr. Hunt declined to comment. Baker Hughes, ACWA Power and TAQA did not respond to email requests for comment. The three US-based companies signed a memorandum of understanding with the Syrian state in July to develop a master plan for Syria’s energy sector.
“One Syrian Flag”
The eastern region of Syria, which traditionally produces much of the country’s oil, was until recently held by the Kurdish-led Syrian Democratic Forces, which has now agreed to integrate into the state after being pushed back by government forces last month.
Bass, who was an early supporter of lifting U.S. sanctions on Syria, said the goal was to unite Syrians by sharing the country’s resources fairly.
“This new development under the one Syrian flag connects East and West and brings the country together through economic benefits,” he said.
Sources said representatives of most companies met with the Syrian Oil Company in Syria earlier this month. SPC Chairman Youssef Keblawi did not respond to a request for comment. Saudi Arabia, a major supporter of the Shara’a regime, announced multibillion-dollar investments in Syria’s transportation, infrastructure and communications over the weekend, and last week US energy giant Chevron signed its first Syrian offshore gas exploration contract in partnership with Qatari company UCC Holding.
(Reporting by Timour Azhari in Riyadh; Additional reporting by Yousef Saba in Dubai; Editing by Kirsten Donovan)
