RIYADH: Saudi Arabia and Syria are strengthening their energy cooperation through a new agreement that covers oil and gas, petrochemicals, electricity, regional grid integration, and renewable energy.
The memorandum of understanding was signed by the Kingdom’s Minister of Energy, Prince Abdulaziz bin Salman, and his Syrian counterpart, Mohammed Al-Bashir, following a meeting held in Riyadh, according to a statement.
The move is part of Saudi Arabia’s drive to strengthen ties across key investment sectors and support shared goals of economic growth and sustainable development with Syria.
It also aligns with the Kingdom’s recent signing of $6.4 billion in investment deals with Syria, marking a major step toward re-engaging economically and supporting the country’s reconstruction efforts.
“During the meeting, the two sides explored cooperation opportunities between the two countries across various energy sectors and ways to enhance them, including oil and its supplies, electricity, renewable energy, and energy efficiency,” the Kingdom’s Ministry of Energy said.
“They also reviewed investment opportunities, and the exchange of expertise in developing projects, policies, and regulatory frameworks in the Kingdom’s energy sector, as part of broader efforts to support the development journey of the Syrian Arab Republic,” it added.
Following the talks, Saudi and Syrian business leaders affirmed their readiness to support the redevelopment of Syria’s energy infrastructure, as announced during a high-level meeting in Riyadh.
The participants presented proposals for joint projects focused on conventional and renewable energy sectors, signaling a potential shift toward greater regional investment collaboration.
Al-Bashir outlined his ministry’s recent achievements and its strategic direction, despite prevailing challenges, reported the Syrian Arab News Agency.
Al-Bashir said economic partnerships and investor engagement are crucial to advancing the energy sector and welcomed collaborative initiatives aimed at enhancing development efforts.
The talks coincide with a broader renewal of Saudi-Syrian relations, underlined by the July Syrian-Saudi Investment Forum held in Damascus.
Earlier in July, a Saudi delegation visiting Damascus announced investment and partnership deals valued at $5 billion to help rebuild war-battered Syria.
The agreements span vital and strategic sectors, including real estate, infrastructure, communications, IT, transportation and logistics, industry, tourism, energy, trade, and more, AFP reported at the time, citing a statement from the investment ministry.
According to official data from Saudi Arabia’s General Authority for Statistics, Syria was the Kingdom’s 53rd largest export destination in April, with non-oil exports rising by 153.3 percent year on year to reach SR81.9 million.
Syria ranked 60th among countries supplying goods to Saudi Arabia, with imports totaling SR78.5 million in April, representing a sharp 149.7 percent year-over-year increase.
