BEIRUT: Syria has begun rationing the distribution of fuel in the war-torn country amid concerns that shipments could be delayed because Egypt’s Suez Canal is being blocked by a giant cargo ship that has run aground, the Oil Ministry said Saturday.
The container ship remained stuck sideways in the Suez Canal over the weekend, as authorities prepared to make new attempts to free the vessel and reopen a crucial east-west waterway for global shipping.
Even before the Ever Given ran aground, Syria had been suffering from fuel shortages mostly caused by Western sanctions.
Syria has been struggling with deteriorating economic conditions, shortages of basic goods and medicine. Syrians have been forced to wait in long lines to buy subsidized bread and fuel.
The Oil Ministry said that fuel is being rationed to allow the basic services in Syria can continue while the Suez Canal remains blocked. Such services include bakeries, hospitals, water services and telecommunications centers.
Earlier this year, the Syrian government raised the price of fuel, including fuel products that had been subsidized, by more than 50%, in the third increase this year. It also raised the price of cooking gas.
Nearly 80% of Syrians live in poverty, and 60% are food insecure — the worst food security situation ever seen in Syria, according to the United Nations.
A decade of conflict has caused huge devastation to the Syrian economy, isolated its government and displaced its people, driving most of them into poverty. The pandemic restrictions have added to pressure on the economy, compounded by the financial crisis in neighboring Lebanon, which has been a bridge to Syria economically and financially.
More than half a million people have been killed in Syria’s 10-year conflict that has also left the country’s infrastructure in ruins and most of its oil and agriculture resources outside of government control.
Syria rations fuel as Suez Canal blockage pressures supply
https://arab.news/9uety
Syria rations fuel as Suez Canal blockage pressures supply
- The container ship remained stuck sideways in the Suez Canal over the weekend
- Syria has been struggling with deteriorating economic conditions, shortages of basic goods and medicine
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
