BEIRUT: Syria’s parliament has approved contracts for oil exploration with two Russian companies in an effort to boost production hit by more than eight years of war and Western sanctions.
State news agency SANA said the deals cover exploration and production in three blocs, including an oilfield in northeast Syria and a gas field north of the capital Damascus.
It said the contracts, passed in a parliament session on Monday, were signed earlier this year with two Russian firms it identified as Mercury LLC and Velada LLC.
Oil Minister Ali Ghanem said handing contracts to these companies was in line with the government’s strategy “toward friendly states that stood by Syria, with Russia and Iran at the forefront.”
Shunned by Western powers, Syrian President Bashar Assad has looked to allies Russia and Iran to play a role in rebuilding, after they helped Syria’s army reclaim most of the country.
Syria produced around 380,000 barrels of oil per day before the war but production collapsed after fighting hit the oil-rich east. Oil fields have largely been in the hands of Kurdish fighters who seized swathes of north and east Syria from Daesh with US help.
US President Donald Trump has said that despite a military pullback from northeast Syria, a small number of US forces would remain “where they have the oil.”
Around 600 US troops — which Damascus deems “invaders” — remain after the withdrawal and repositioning, US Defense Secretary Mark Esper said this month.
Syrian state media cited Ghanem as saying the oil ministry would seek to sign offshore contracts for oil investment which has been hindered by economic sanctions.
During the war, oil trade continued between Kurdish-held and government territory. Several gas fields also returned to state control after the army defeated Daesh in part of Deir Ezzor province in the east in 2017.
Syria hands oil exploration contracts to two Russian firms
https://arab.news/4fjrk
Syria hands oil exploration contracts to two Russian firms
- State news agency identified the Russian companies as Mercury LLC and Velada LLC
- Syrian oil minister said handing the contracts was in line with the government’s strategy to maintain relations with friendly states
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
