Shafaq News – Riyadh / Damascus

Saudi Arabia signed an agreement on Thursday to supply Syria with 1.65 million barrels of crude oil, a move designed to keep the Baniyas refinery operating and stabilize energy flows.

According to the country's state-run national TV, Saudi Fund for Development (SFD) CEO, Sultan Al-Marshad, signed the accord in Riyadh alongside Syrian Energy Minister Mohamed al-Bashir. Officials described the shipment as part of broader efforts to support Syria’s economic recovery.

The deal comes weeks after Saudi Investment Minister Khalid al-Falih visited Damascus with a 150-member delegation of government and business representatives. That visit yielded investment pledges exceeding $5B across real estate, infrastructure, transport, tourism, energy, health care, and finance.

Relations between the two countries have steadily warmed since Riyadh reopened its embassy in Damascus in 2023 after more than a decade of strained ties. Ministerial exchanges resumed the following year, laying the groundwork for deeper energy and investment cooperation in 2025 after the political transition in Syria.