Eurasia Press & News
Damascus witnessed the signing of a memorandum of understanding between Chevron and the Qatar-based company Power International Holding on February 4. The goal of the new agreement is to push forward with the “development of the country’s first offshore oil and gas field,” Syrian state media SANA said. US special envoy to Syria Tom Barrack wrote that he was “honored to witness Syria’s historic milestone for offshore gas exploration.”
Syria is seeking investment as the country benefits from sanctions relief and Damascus works to unify the country. For instance, forces of the Syrian Interior Ministry were deployed to areas in eastern Syria during the first week of February after an agreement on January 30 between Damascus and the US-backed Syrian Democratic Forces. This means that Syria’s government now controls most of the country. This is a major change from a year and a half ago, when the Assad regime was in charge, and the country was divided. It’s also a major change from more than a decade of civil war that began in 2011.
The new Syrian transitional government has sought to focus its efforts on economic development. Achieving sanctions relief from the United States and the West was a major effort. Another has been outreach to Turkey, Saudi Arabia, Qatar, and other countries. Damascus has also sought to maintain amicable ties with Moscow. Russia was a key patron of the Assad regime. Moscow has pivoted to welcome Syria’s new president, Ahmed al-Shara.
Developing positive ties with the United States, Europe, Russia, and its neighbors helps Damascus sell itself as a safe place for investment. Chevron’s exploration deal with a Qatar-based company is key. “The agreement aims to invest in exploration and drilling within Syrian territorial waters, strengthen strategic energy partnerships, and support development pathways. The signing ceremony took place at the People’s Palace in Damascus,” according to Syrian state media.
