Finance Minister Discusses Investment Opportunities in Gas and Energy with US Company

Finance Minister Mohammad Yasser Barhoun met with representatives of ConocoPhillips, in the presence of Syrian businessman and chairman of Novaterra Energy Company Ayman Al-Asfari, to discuss investment opportunities in Syria, particularly in the natural gas sector and strategic energy projects.

The Ministry clarified via its Telegram channel on Thursday that the meeting held at the Ministry's headquarters addressed opportunities to accelerate the development of natural gas resources and increase local production, thereby contributing to reducing reliance on imports and lowering their costs, alongside discussing the financial and legal requirements necessary to implement major investment projects.

The meeting reviewed the Ministry's efforts to develop the public financial management system, including preparing a medium-term financial framework within the 2027 budget, and enhancing financial risk management and potential liabilities, ensuring a balance between encouraging investment and maintaining financial sustainability.

The meeting also discussed the strategic opportunities offered by regional interconnection projects through Syria, particularly in the energy sector, and the importance of involving financial institutions and international banks in financing these projects, as well as developing the necessary institutional and regulatory frameworks to attract private investments.

Encouraging Investment and Maintaining Financial Sustainability

Minister Barhoun affirmed the Ministry of Finance's readiness to consider providing sovereign guarantees for eligible projects that their nature necessitates, in accordance with approved legal and financial frameworks, while working to accelerate administrative and legal procedures and complete them within record timeframes, thereby enhancing investor confidence and contributing to accelerating project implementation.

Previously, on June 16, the Syrian Petroleum Company signed a contract with American companies ConocoPhillips and Novaterra, aimed at developing several gas fields in Syria and increasing production from existing fields, thereby supporting the energy system and enhancing gas supplies needed for the electricity sector and other vital sectors, at the Ministry's building in Damascus.

Source: Syrian Arab News Agency (SANA)