Saudi Arabia announced Thursday it will provide Syria with 1.65 million barrels of crude oil to help the country rebuild its economy and infrastructure after nearly 14 years of civil war.
The agreement was formalised through a memorandum of understanding signed by Sultan Al-Marshad, CEO of the Saudi Fund for Development, and Syria’s Energy Minister Mohammad al-Bashir.
According to the Saudi Press Agency, the grant is intended to enhance the operations of Syrian refineries and reflects Riyadh’s ongoing efforts to improve living conditions for Syrians.
Syria, once self-sufficient in oil, has faced economic collapse due to the war and international sanctions.
Earlier this month, Syria exported 600,000 barrels of oil from the coastal city of Tartous, signaling a cautious return of investment in the energy sector. However, analysts note that recovery remains slow and fragile.
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U.S. data analytics firm Palantir Technologies has reported a 93 per cent year-on-year jump in second-quarter revenue, even as the company faces continued criticism over its work with Israel's military and allegations linking its technology to the war in Gaza.a.
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