Two Saudi Arabian and three US-based firms are set to form a consortium for oil and gas exploration and energy production in north-eastern Syria, according to two people with direct knowledge of the plan.
Baker Hughes, Hunt Energy and Argent LNG are planning to partner with Saudi’s ACWA Power and TAQA for the project, which would cover approximately four to five exploration blocs in the north-eastern region, the sources said.
It would be the latest in a series of big business deals spanning Syria’s economy since former autocrat Bashar al-Assad was ousted by Islamist rebels-turned-rulers a year ago, and after the most stringent US sanctions were lifted in December.
After 14 years of war, Syria’s energy infrastructure is severely damaged and requires billions of dollars of investment, which the government is seeking to secure from abroad.
Argent LNG CEO Jonathan Bass confirmed that the companies expected to sign a memorandum of understanding for the project in the coming weeks. “We’re very excited to be realising the visions of US President Donald Trump and Syrian President Ahmed al-Sharaa, bringing the country forward from darkness to light,” Bass said.
A spokesperson for Hunt declined to comment. Baker Hughes, ACWA Power and TAQA did not respond to emailed requests for comment.
