Syria makes first oil delivery after Western sanctions are lifted

Syria has made its first oil shipment in many years after Western sanctions were lifted, an important step for its war-torn economy. About writes Bloomberg.

The country's state news agency SANA reported that the tanker Nissos Christiana delivered 600,000 barrels of heavy oil from the port of Tartus.

The country's domestic needs are met by two oil refineries in Baniyas and Homs, which are operating at full capacity.

The lifting of sanctions became possible after the fall of the regime Bashar al-Assad in December last year. The US lifted the restrictions in July, and the EU did so even earlier in May.

New President Ahmed al-Sharaa is actively attracting foreign investment to Syria and cooperating with the Gulf countries, including Saudi Arabia, Qatar, and the UAE.

Several agreements have already been signed. Among them is an $800 million contract with Dubai-based DP World Ltd. for the development of the Tartus port and logistics hubs.

Despite the progress, the problem of worn-out infrastructure remains, as well as tensions between the government and the Kurds, who control a large part of the oil and gas fields in the northeast of the country.

• In September, in Syria the first parliamentary elections may be held after the overthrow of the regime Bashar al-Assad. The election process is scheduled for September 15-20.
• on August 22, Reuters reported that Syria denominates currency: new banknotes without two zeros will be issued by a company from Russia.