ERBIL, Kurdistan Region -The Saudi oil tanker Petalidi has begun offloading about 650,000 barrels of crude oil at northwest Syria’s Baniyas port, local oil sector officials told Rudaw, adding that the shipment is the first tranche of a substantial grant from Riyadh, with an additional one-million-barrel delivery expected on Sunday.
Ahmed Qubaji, general director of the Syrian Company for Oil Transport (SCOT), said Tuesday that the shipment aims to strengthen the energy sector, confirming that “another aid shipment is scheduled to arrive on Sunday, November 23, bringing the total to 1.65 million barrels of oil.”
Following a swift offensive in early December, a coalition of opposition forces led by the now-dissolved Hay’at Tahrir al-Sham (HTS) - then headed by Ahmed al-Sharaa - toppled the regime of longtime Syrian dictator Bashar al-Assad.
In late January, Sharaa was appointed Syria’s interim president. Since Assad’s ouster, the new Syrian leadership has accelerated efforts to revive the country’s economy.
In September, the Saudi Fund for Development (SFD) announced it would provide a 1.65 million-barrel crude oil grant to Syria.
In a statement relayed by the state-run Saudi Press Agency (SPA), the SFD said the grant aims to “enhance the operations of Syrian refineries and achieve both operational and financial sustainability,” adding that it also supports economic development, addresses economic challenges, fosters growth in vital sectors, and contributes to sustainable development goals.
The statement emphasized that the grant “reflects the Kingdom of Saudi Arabia's continued efforts to improve the living conditions of the brotherly Syrian people, building on the close relations between the two countries.”
Abdel-Hadi Joubaasi, director of the Baniyas Oil Terminal, told Rudaw on Tuesday that the Petalidi’s cargo “consists of around 90,000 tons” of crude oil and confirmed that the terminal is “equipped to receive all types of tankers.”
The aid notably comes as winter approaches and ordinary Syrians face severe economic hardship, with over 90 percent of the population reportedly living in poverty.
Nasser al-Jurdi, a local from the village of Zahera in Baniyas countryside, told Rudaw that “the price of a barrel of fuel oil has reached around $160. I can’t afford it, so I’m cutting wood from my walnut trees to use as firewood to keep warm.”
In mid-November, the Syrian government implemented a significant reduction in domestic fuel prices: gasoline fell to $0.85 per liter from about $1.10, fuel oil dropped to $0.75 per liter from roughly $0.95, and the price of a domestic gas cylinder decreased to $10.50. Authorities said the cuts were facilitated by increased domestic oil production and a decline in global crude prices.
Despite these measures, Syria continues to struggle with chronic fuel shortages and volatile prices due to deeper structural issues, particularly international sanctions such as the Caesar Act, which restricts the country’s access to global shipping and insurance.
Last week, the US Treasury Department announced a 180-day suspension of Caesar Act sanctions on Syria, with exceptions for certain transactions involving Russia and Iran.
Damascus welcomed the move but is seeking a complete lifting of the restrictions.
Vivyan Fatah contributed to this article from Baniyas.