Riyadh: Saudi Arabia and Syria are strengthening their energy cooperation through new agreements covering oil and gas, oil, electricity, regional grid integration and renewable energy.
According to the statement, the memorandum was signed by Prince Abdullaziz bin Salman, the Kingdom's Energy Minister, and his Syrian counterpart, following a meeting held in Riyadh.
The move is part of Saudi Arabia's willingness to strengthen relations between key investment sectors and support the shared goals of economic growth and sustainable development with Syria.
It also coincides with the Kingdom's recent signature with Syria of its $6.4 billion investment deal, and advocates a major step towards economically reengaging and supporting the country's rebuilding efforts.
“During the meeting, both parties explored opportunities for cooperation between the two countries in various energy sectors and investigated ways to enhance them, including oil and its supply, electricity, renewable energy, energy efficiency,” the Kingdom's Ministry of Energy said.
“They also reviewed the exchange of expertise in the development of project, policy and regulatory frameworks in the Kingdom's energy sector as part of a broader effort to support the development journey of the Syrian Arab Republic,” he added.
After consultations, Saudi Arabia and Syrian business leaders confirmed they were ready to help redevelop Syrian energy infrastructure, as announced at a high-level meeting in Riyadh.
Participants presented proposals for joint projects focused on traditional energy and renewable energy sectors, indicating a potential shift towards improving regional investment collaboration.
Al Bashir outlined the recent achievements of his ministry and its strategic direction, which, despite general challenges, reported to the Syrian Arab news agency.
Al-Bashir said economic partnerships and investor engagement are important to advance the energy sector and welcomes the joint initiative aimed at strengthening development efforts.
The talks coincided with a broader update of Saudi Arabia relations highlighted by the Syrian and Saudi Investment Forum in July in Damascus.
Earlier in July, a Saudi delegation visited Damascus and announced a $5 billion investment and partnership deal to help rebuild war-covered Syria.
The contract was reported at the time, citing a statement from the Ministry of Investment, spanning key strategic sectors including real estate, infrastructure, communications, IT, transportation and logistics, industry, tourism, energy, trade, and more.
According to official data from the Saudi Arabia Directorate of Statistics, Syria was the kingdom's 53rd largest export destination in April, with non-oil exports rising 153.3% year-on-year to SR 81.9 million.
Syria is ranked 60th in the country that supplies goods to Saudi Arabia, with imports totaling SR 78.5 million in April, showing a sharp increase of 149.7% year-on-year.
