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Saudi crude oil shipment arrives at Syria’s Baniyas port
(MENAFN) A Saudi oil tanker carrying 650,000 barrels of crude oil has arrived at Syria’s Baniyas port in Tartous governorate, according to state media reports on Monday. The state-run Alikhbariah TV described the delivery as “the first of its kind, provided as support to the Syrian government.”
The arrival comes as Syria works on a project to construct a new oil refinery near Homs, designed to replace the old facility and process 150,000 barrels per day.
The current refinery, located roughly 7 kilometers west of Homs, will be supplanted by the new facility, being built about 50 kilometers east of the city.
Oil has historically been a crucial component of Syria’s economy. In 2010, it accounted for 20% of GDP, half of exports, and over 50% of state revenue. Production has since plummeted from 390,000 barrels per day to just 40,000 barrels per day in 2023.
During the period of civil unrest from 2011 to 2024, Syria relied heavily on Iranian oil for electricity generation, but supplies were cut off after Bashar al-Assad was ousted in December last year. The Saudi shipment marks a significant step in alleviating the country’s ongoing energy shortages.
The arrival comes as Syria works on a project to construct a new oil refinery near Homs, designed to replace the old facility and process 150,000 barrels per day.
The current refinery, located roughly 7 kilometers west of Homs, will be supplanted by the new facility, being built about 50 kilometers east of the city.
Oil has historically been a crucial component of Syria’s economy. In 2010, it accounted for 20% of GDP, half of exports, and over 50% of state revenue. Production has since plummeted from 390,000 barrels per day to just 40,000 barrels per day in 2023.
During the period of civil unrest from 2011 to 2024, Syria relied heavily on Iranian oil for electricity generation, but supplies were cut off after Bashar al-Assad was ousted in December last year. The Saudi shipment marks a significant step in alleviating the country’s ongoing energy shortages.
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