Syria issues first letter of credit in 14 years for Saudi Aramco deal — Jerusalem Post

The Central Bank of Syria said it had issued the first letter of credit in 14 years for an agreement on the supply of petroleum products between Syrian Petroleum Company and Saudi Aramco. The transaction was arranged in coordination with a major U.S. bank whose name was not disclosed.

Financing oil imports

According to the Jerusalem Post, the transaction opens a channel for financing oil imports and making payments through the official banking system. The publication notes that this step is part of restoring Syria’s access to international banking channels following the lifting of U.S. sanctions and the country’s removal from the list of state sponsors of terrorism.

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Saudi Arabia’s agreements

Separately, Saudi Arabia’s energy minister signed three memorandums of understanding with Kuwait, Qatar, and Egypt to strengthen cooperation in the energy sector, the Saudi state news agency reported.

The agreement with Qatar establishes a framework for cooperation in the oil industry, natural gas, and petrochemicals. It also provides for exploring joint opportunities to develop pipelines for transportation and export.