Syria Signs $7 Billion Energy Deal with Global Consortium
Landmark agreement aims to generate 5,000 megawatts of electricity and create over 300,000 jobs as U.S. lifts sanctions on Damascus.
Watan-Syria signed a $7 billion agreement and memorandum of understanding with an international corporate alliance on Thursday, aimed at revitalizing the country’s energy sector.
The agreement allows for the generation of 5,000 megawatts of electricity through four gas-powered plants.
The signing ceremony was held in the presence of Syrian President Ahmad Al-Sharaa and U.S. envoy to Damascus, Thomas Barrack.
In his speech, Syrian Energy Minister Mohammad Al-Bashir stated:“Today marks a historic turning point in Syria’s energy and electricity sector, as we begin to rebuild our crumbling infrastructure.”
He added that the memorandum promotes regional cooperation and supports the development of clean and renewable energy initiatives.
$7 Billion Energy Deal to Boost Syria’s Power Grid and Job Market
The investment will be managed by leading energy companies under the global UCC Group, which includes firms from Turkey, Qatar, and the United States.
The deal includes the development of four gas turbine power plants located in Deir ez-Zor (east), Mhardeh and Zayzoun in Hama countryside (central Syria), and Trifawi in Homs countryside (central Syria). These plants will produce an estimated total of 4,000 megawatts using U.S. and European technologies.
Additionally, a 1,000-megawatt solar power station will be constructed in the Wadi Al-Rabee area in southern Syria.
Ramiz Al-Khayyat, CEO of Qatar-based Urbacon Holding, projected that the project will create over 50,000 direct jobs and 250,000 indirect jobs, strengthening Syria’s labor market.
U.S. envoy Thomas Barrack stated:“These moments are rare, and the entire American administration is aligned in supporting Syria’s new government.”
He praised President Donald Trump’s decision to lift sanctions on Syria on May 13 as a “bold move.”
U.S. Eases Sanctions as Syria Enters New Era of Energy and Political Transition
On May 23, the U.S. Treasury Department issued a general license providing “immediate relief” from sanctions in line with Trump’s directive.
Barrack added:“I bring greetings from President Trump and reaffirm his commitment to supporting Syria’s government.”
The Syrian administration aims to secure a stable energy supply to avoid disruptions that could hinder development and destabilize the country.
According to 2015 statistics, Syria’s proven gas reserves stood at approximately 8.5 trillion cubic feet.
The country produces an average of 250 million cubic meters of non-associated natural gas per day—58% of its total gas output. Associated gas, mainly from east of the Euphrates River, makes up about 28%.
The administration is also seeking regional and international support to recover from the effects of 24 years under former president Bashar al-Assad (2000–2024).
On December 8, 2024, Syrian factions took control of the country, ending 61 years of Ba’ath Party rule, including 53 years under the Assad family.
On January 29, 2025, Syria’s transitional government named Ahmad Al-Sharaa as president for a five-year transition period.
