Azerbaijan to export 1.2bn cubic meters of gas to Syria annually via Turkiye 

The gas will be sourced from the Shah Deniz field in the Caspian Sea, operated by a BP-led consortium, and delivered through a pipeline connecting Turkiye and Syria. Shutterstock
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Updated 03 August 2025
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Azerbaijan to export 1.2bn cubic meters of gas to Syria annually via Turkiye 

  • Syrian energy minister said new gas supply will boost electricity generation by about 750 megawatts
  • Turkish counterpart said deal targets initial daily deliveries of 6 million cubic meters

RIYADH: Azerbaijan will export 1.2 billion cubic meters of natural gas annually to Syria through Turkiye, marking a significant shift in regional energy cooperation and highlighting Ankara’s growing involvement in Syrian reconstruction.

The gas will be sourced from the Shah Deniz field in the Caspian Sea, operated by a BP-led consortium, and transported through a pipeline linking Turkiye and Syria, according to SOCAR Vice President Elshad Nasirov. He made the remarks during a ceremony in Kilis, a Turkish city near the Syrian border.

The export deal follows agreements earlier this year between Azerbaijan President Ilham Aliyev and Syrian President Ahmad Al-Sharaa, Azerbaijan’s Economy Minister Mikayil Jabbarov said, as reported by Reuters.

The development comes as Turkiye moves to normalize ties with the Damascus government, pivoting from its previous support for opposition groups. Turkish companies in construction, logistics, and manufacturing are expected to play a leading role in rebuilding Syria, where damage estimates top $1 trillion, according to the UN.

“With this agreement, Azerbaijan proves it can supply gas not only westward, but also to the East and South,” Nasirov said.

Syrian Energy Minister Mohammad Al-Bashir said the new gas supply will boost electricity generation by about 750 megawatts, providing an additional four hours of daily electricity in several war-affected areas.

Turkish Energy Minister Alparslan Bayraktar said the deal targets initial daily deliveries of 6 million cubic meters, aligning with the 1.2 bcm annual goal. He added the first phase could expand to 2 bcm per year, enough to restart Syrian power plants with a total capacity of 1,200 MW.

However, Al-Bashir noted the initial phase will begin with 3.4 million cubic meters per day, with gradual increases. He emphasized the gas would directly support energy restoration in the country’s most devastated regions.

In a joint press conference in May, Bayraktar said the agreement could eventually power up to 1,300 MW of electricity generation.


PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025

Updated 27 February 2026
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PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025

RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.

According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.

Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries. 

The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.

AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.

AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.

Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”

He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”

Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.

AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance. 

Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.