Syria has resumed crude oil exports for the first time in more than 14 years.
The Syrian Ministry of Energy on Tuesday announced the departure of a shipment of 600,000 barrels of heavy crude from the port of Tartous in a deal with BeServ Energy.
This move has paved the way for gradual return of the Syrian oil sector to global markets after years of war and sanctions.
"This tanker is carrying a cargo of 600,000 barrels purchased by BeServ Energy, a global oil trading company. This shipment is considered good news and the beginning of a recovery for the oil and gas sector in Syria," said Riyad Jubasi, deputy director of the General Administration of Oil and Gas of the Syrian Ministry of Energy.
"Today, oil began pumping onto the Nissos Christiana tanker owned by BeServ Energy. This is the first shipment of Syrian crude oil intended for export estimated at 600,000 barrels," said Mustafa Marati, public relations director of the General Administration of Oil and Gas of the Syrian Ministry of Energy.
Syria's move coincided with broader international developments, most notably, the U.S. decision in early June to lift sanctions on Syria, which allowed Western companies to return to the Syrian market in the fields of oil field exploration and production.
The Syrian government also signed a memorandum of understanding with Dubai-based port operator DP World worth 800 million U.S. dollars in July to develop Syria's port of Tartous, an indication of Syria's return to the global investment network after years of isolation.
Experts said Syria's resumption of crude oil export will benefit economic development of the country.
"This indicates that the local market of oil has been fully covered. It also showed that the strategic reserve is safe and remains in surplus, that's why the country can export it. The export can bring in foreign currency for the country and reduce the trade deficit. This is certainly very positive because it generates new revenues for the country which can be used on public services and improve the living conditions of its citizens," said Hani Kanani, an economic expert in Syria.
Syria resumes crude oil export for first time in 14 years
