Dubai – Syrian Petroleum Company has completed its first documentary credit through the Central Bank of Syria, marking a significant step toward formalizing oil trade with Saudi Arabia. The transaction, executed on October 11, 2026, facilitates the import of petroleum products from Aramco Trading, the commercial arm of Saudi Aramco. This move aims to stabilize domestic fuel supplies amid growing economic pressures and supply chain disruptions affecting the region.
Financial Channels and Banking Coordination
The documentary credit was processed in coordination with a major American bank, establishing official financial channels for importing refined products. This mechanism ensures secure payment terms between the importer and supplier, governed by agreed conditions and documentation. It enhances the reliability of commercial transactions and supports organized procurement strategies for essential fuels.
Fleet Status and Domestic Supply Gaps
Syrian Petroleum Company announced that fifteen tankers carrying fuel are currently waiting in designated areas to complete entry and unloading procedures at Syrian terminals. These vessels carry six shipments of diesel and nine shipments of gasoline. The company is working to accelerate these operations to meet local consumer demand and reduce shortages caused by the gap between domestic production and consumption.
Regional Cooperation and International Forums
The developments coincide with Damascus efforts to strengthen ties with international energy institutions. The Syrian Petroleum Company is participating in the International Energy Forum (IEF17) hosted in Riyadh. The forum focuses on supply security, market stability, and investment opportunities in the new energy era, providing a platform for experts and officials to discuss cooperation frameworks.
Historical Context of Bilateral Agreements
This progress follows previous agreements signed between Syria and Saudi Arabia. In September 2026, Saudi Arabia provided a fuel grant of 1.6 million barrels to support Syria’s electricity generation needs. Earlier, in August 2025, seven memoranda of understanding were signed during the Damascus International Exhibition, covering oil, gas, petrochemicals, and electricity grid connections.
Economic Pressures and Strategic Outlook
Syria faces rising costs for securing oil and gas due to regional conflicts and supply chain volatility. The collaboration with Saudi Arabia offers a strategic pathway to mitigate these pressures. By leveraging established diplomatic relations and financial mechanisms, Syria aims to develop its energy sector infrastructure and ensure sustainable fuel availability for its population and industrial activities.
This story was produced in the newsroom from the disclosed sources named above.
