Syrian Energy Minister: We have entered negotiations with major global companies to explore oil and gas

The Syrian People’s Council held a hearing with Energy Minister Mohammed Al-Bashir regarding the situation of petroleum derivatives and the decision to raise fuel prices, which sparked a wave of widespread criticism and protests in some areas. The minister emphasized that Syria’s oil needs have increased following the inclusion of new areas within the ministry’s supply network, noting that the ministry imports the remaining requirements as petroleum derivatives.

He clarified that Syria requires approximately 24 million cubic meters of gas to operate all available electricity generation stations, pointing out that the current refining capacity of Syria’s two refineries stands at around 150,000 barrels per day, while the gap between local production and refining needs is estimated at about 200,000 barrels per day. Al-Bashir stated that the ministry expects to achieve self-sufficiency in oil by 2028, provided plans proceed without emergencies, although reaching self-sufficiency in gas will require a longer period.

He explained that the delay in securing foreign currency by the Central Bank was among the main reasons preventing imported oil and its derivatives from reaching the country, noting that securing foreign currency remains a key challenge for the ministry in procuring and purchasing petroleum derivatives. He added that the ministry is currently purchasing 6.3 million cubic meters of gas daily, equivalent to $140 million per month, from Azerbaijan and from a vessel stationed at the Jordanian port of Aqaba.

Al-Bashir noted that the ministry established a committee to study the status of reserves and inventories and to prepare a new map of oil and gas resources. He also mentioned that several oil wells have been temporarily closed for rehabilitation and restart to ensure citizen safety. He pointed out that the Ministry of Energy encompasses three sectors: electricity, water, and oil and mineral resources, adding that the recent rise in global gas prices has increased the financial burden on the Ministry of Finance to secure electricity generation needs.

The office of the People’s Council had approved last Monday the holding of a hearing for the Energy Minister, upon the request of Energy Committee Chairman Iqbal Mohammed Mansour, to discuss the new petroleum derivatives price bulletin recently issued. This was based on Article 30 of the Constitutional Declaration and in accordance with Article 168 of the People’s Council’s internal regulations. The session was originally scheduled for last Thursday but was postponed at the ministry’s request until yesterday, after which the ministry announced the introduction of lower-priced diesel for household and heating consumption at a price of 150 Syrian pounds per liter.