Western firms eye energy opportunities in Syria
Shafaq News – Damascus
American investments have begun flowing into Damascus, particularly in the energy sector, a senior official said on Friday, revealing that this development has encouraged interest from British and European companies.
The official in the Ministry of Economy and Industry, Osama al-Qadi, told Shafaq News that the United States “has taken concrete steps in oil and gas,” citing cooperation with major US firms such as ConocoPhillips and Chevron.
He said this momentum has opened the door for Britain and other European investors, including energy giant Shell, which is expected to enter via partnerships with US firms.
Regarding the newly formed British Syrian Business Council, al-Qadi pointed out that it has made tangible progress, such as agreements to allow transactions with Syrian banks — a move “could significantly boost the banking sector and ease import-export restrictions.”
“ConocoPhillips is also preparing to begin technical and operational steps within a short period, with full activity expected at the start of the coming year.”
The official interpreted the agreements with US companies as a clear signal to European firms that the US sanctions in 2019— known as the Caesar Syria Civilian Protection Act — may soon be eased or lifted, “reflecting American readiness to engage with the current Syrian government.” This, he noted, could attract German and French firms.
Introduced in 2019, the Caesar Act imposed wide-ranging sanctions on Syria, targeting individuals, companies, and institutions linked to former Syrian President Bashar al-Assad.
In May, Saudi Arabia hosted a meeting between Trump and transitional Syrian President Ahmed al-Sharaa, during which the US president decided to lift all sanctions on Syria. However, the Caesar sanctions can only be lifted through an act of the US Congress, with lawmakers expected to decide before the end of the year.
Al-Qadi also pointed to recent developments at Syria’s ports in Latakia and Tartus, claiming they are now managed by international firms such as DP World and unnamed French companies — part of broader memoranda of understanding with several Arab states.
Despite optimism, Al-Qadi acknowledged that major challenges remain, including Syria’s deteriorated infrastructure and the need to modernize transport, banking, and legal frameworks.
He said some of these issues are due to be addressed by the legislature through draft laws aimed at facilitating reconstruction.
