Banias (222)


Container traffic at Lattakia port fell by 25 percent last year, according to official data from the private-sector company managing the terminal, in an indication of how heavily the coronavirus pandemic has weighed on economic activity in Syria.


Disruptions to oil shipments from Iran, including the recent Suez Canal blockage, have intensified fuel shortages in Syria, paralysing the country’s public transportation system and stoking public anger.


Syria's President Bashar Al-Assad has ratified a USD 13-million production sharing agreement (PSA) contract with Russian company Kapital LLC, further consolidating the dominance of Russian firms in the country’s oil and gas sector.


Syria’s oil and gas sector has suffered USD 91.5 billion in losses since the start of the conflict in 2011, the Ministry of Petroleum and Mineral Resources said.


The Ministry of Electricity has decided to cut overnight power supplies to Syria's main industrial cities twice per week until the end of February, in a new sign of the severity of the electricity shortages affecting the country. The cities, which comprise the backbone of Syria’s industrial sector, had previously been exempted from power rationing.


The Syrian businessman George Heswani has operated in Syria’s oil and gas sector since the 1990s, but his name has gained increasing prominence throughout Syria’s conflict, both for his close association with Russia and for his alleged role in brokering deals with the Islamic State organisation (ISIS) to purchase oil on the Syrian government’s behalf.


The list below includes the names of all the individuals that have been blacklisted by the European Union since the beginning of the Syrian uprising in March 2011.


Syria imported oil products worth USD 820 million between July and December last year, the prime minister said, giving a rare insight into a vital sector that is often defined by a lack of transparency.


The rapidly rising cost of living in Syria and widespread frustration with the government’s inability to halt the deteriorating conditions have led to some surprising—if still limited—displays of discontent in recent weeks, including critical posts on social media and even small demonstrations.


The list below includes all the Syrian individuals, entities, aircrafts and vessels that have been put under sanctions by the U.S. Administration since 2005.


Denmark has prosecuted a holding company for violating European Union sanctions by selling Russian companies jet fuel which was then delivered to Syria, Danish authorities said. A subsidiary and one of the firm’s directors were also prosecuted.


The Syrian government has awarded tens of millions of dollars worth of contracts to companies to supply equipment and spare parts for its two major oil refineries, including a major contract to a company owned by the Katerji family.


There has been a significant surge in Iranian oil exports to Syria for the second time this year, according to several reports confirmed last month. The shipments—which mostly came through Syria’s ports, in addition to some smaller land cargoes—were likely delivered in an attempt to help ease Syria’s oil crisis ahead of the winter season.


Syria is seeing a twin supply crisis of both bread and oil, which is generating rising tensions among the population and highlighting the dysfunction of the government.


The government has once again extended the bidding deadlines for six power projects after failing to attract contractors and funding. However, two small turbines in Banias and Deir-ez-Zor have been rehabilitated.


This article is an updated and expanded factsheet on the economic and business relations between Syria and Iran as of June 2020.


This article is an updated and expanded factsheet on the economic and business relations between Syria and Russia as of April 2020.


Updated on September 28: In this 4,400-word factsheet, we provide a profile of the main businesses and economic institutions affiliated with the Syrian Ministry of Defence.


Iranian supplies of crude oil to Syria seem to have accelerated in recent weeks, according to various sources.


The list below includes the names of all the Syrian entities that have been blacklisted by the European Union since the beginning of the uprising in March 2011.


Syria’s oil and gas infrastructure has been attacked twice this week after several similar incidents in recent months which may indicate that the country’s energy infrastructure is being systematically targeted.


The government has frozen the assets of Rami Makhlouf, a step that appears to follow previous restrictions on the once-powerful businessman, but which could still be reversed.


The Syrian President has sent parliament a draft law to ratify three contracts awarded to the Katerji brothers to build two oil refineries and develop the Banias oil terminal.


An explosion at the Banias Refinery last week killed a worker and could impact the distribution of oil products if the damage is extensive.


In the past few weeks, a Danish company has faced charges of supplying jet fuel to Russian forces in Syria in violation of EU sanctions, Russian entities have been blacklisted by OFAC on the same charges, while a Syrian investor saw his blacklisting confirmed by an EU court.


Bilateral trade between Syria and Turkey declined by around 9 percent in the first half of this year, Turkish official data show.


An Iranian tanker has docked in Banias and delivered a new shipment of crude oil although overall Iranian oil supplies to Syria have decreased so far this month.


Almost a week after a super-tanker heading to Syria was seized in Gibraltar, another tanker full of Iranian crude oil is now expected to dock in Banias.


Syrian private sector banks are expanding their branch network across the country.


The market for oil products in Syria has remained stable in the past weeks despite an attack on submarine pipelines linked to the Banias Port.


The Ministry of Petroleum and Mineral Resources is seeking to maximise the procurement of oil from the eastern region as it continues to look for alternative sources to meet shortages.


Oil shortages in Syria have eased somewhat as the government receives a shipment from Iran and seeks alternative solutions.


The shortages of energy products are increasing economic hardship for Syrians and posing various types of economic and public services challenges.


Syria is set to handover to Russia the commercial port of Tartous, another major economic asset Damascus is giving away.


In 2017, for the sixth year in a row, Syria’s gross domestic product declined, although at a slower pace than in previous years, while the government’s contribution fell significantly, official data show.


The following is the OFAC advisory warning actors of the global maritime industry involved with supplying oil to Syria. This text is published following its update of March 25, 2019.


Updated on January 23, 2019 - An explanation for the decline in revenues has been added.

Data from Syria’s two main ports indicate a small increase in their traffic last year.


The volume of containers handled by the Lattakia Port increased in the first nine months of this year, official data show.


Government sources have confirmed Syria’s current output of crude oil and that most oil is still supplied through tankers.


The U.S. Treasury has blacklisted a number of Syrians and other nationals and entities associated with Syria’s oil procurement networks, including one of the most prominent war profiteers.


Three new Syrian nationals have been indicted by the U.S. Department of Justice for violating sanctions.


Reports on an oil deal between the regime and the PYD have highlighted the continuing prominence of a new Syrian business figure.


This table provides data on the nominal and current capacity of the power generation plants operated by the state-owned electricity utility.


The production of electricity by Syria's power plants between 2011 and 2017.


Syria’s power generation utility wants to raise some USD 147 million to fund several renewable electricity generation projects.