For the first time in 14 years, Syria resumes oil exports with a shipment of 600,000 barrels

The Syrian Ministry of Energy announced on Monday the resumption of heavy oil exports from the western port of Tartus for the first time in 14 years.

The ministry said in a statement: "Today (Monday), 600,000 barrels of heavy oil were exported from the Tartus oil terminal aboard the tanker Nessus Christiana for BeServ Energy."

Strengthening Syria's presence in markets

The move came "within the framework of government directives and the plans of the General Directorate of Petroleum at the Ministry of Energy to enhance Syria's presence in foreign oil markets, in a step that is the first in years", the statement said.

"This achievement is an important step in revitalising the oil sector and expanding the horizons of co-operation with international companies, to be followed by subsequent exports in the coming period," it added.

Re-exporting

In June, Syria re-exported non-crude petroleum products from the Banias refinery in Tartus province, with an initial shipment of 30,000 metric tonnes sent to international markets.

Baniyas, located about 35km north of Tartus, is a small but strategic coastal city that is home to Syria's largest oil refinery and an oil port specialised in exporting and importing crude.

In 2010, before the outbreak of the civil war, black gold accounted for 20% of Syria's GDP, half of its exports, and more than 50% of state revenues.

The country used to produce 390,000 barrels of oil per day, but production has declined sharply, reaching only 40,000 barrels per day in 2023.

First ship arrives since the lifting of sanctions

A few days ago, Tartus governorate reported the arrival of the first cargo ship to the country since the lifting of economic sanctions on Damascus.

The M J ship arrived Wednesday at Tartus port, carrying 19,000 tonnes of Romanian barley, the governorate said in a statement.

"It is the first ship of its kind to arrive at Syrian ports without passing through Turkey or Lebanon," it said.

On Monday, the US Treasury Department announced the removal of sanctions imposed on Syria from the Code of Federal Regulations, explaining that the decision will come into effect on Tuesday.

In early July, US President Donald Trump signed an executive order to end the sanctions imposed on Syria by the United States against the regime of former Syrian President Bashar al-Assad in 2011, followed by several European countries announcing the lifting of economic sanctions on Damascus.