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2026-09-21 09:16:14
[Syria Aims for Oil Self-Sufficiency by 2028, Cooperating with Iraq to Upgrade Kirkuk-Banias Pipeline] 1. Syrian Energy Minister Bashir stated in parliament on September 20th that Syria strives to achieve oil self-sufficiency by 2028 and restore domestic extraction and refining capacity. Currently, the two refineries have a combined daily capacity of approximately 150,000 barrels, with a domestic production-to-refining-demand gap of about 200,000 barrels per day, which is filled by imported refined oil products. 2. Bashir said the government will comprehensively upgrade the aging Banias refinery, repair shut-down wells, and remap oil and gas resource distribution; simultaneously, it is in discussions with foreign companies regarding oil and gas exploration and offshore oil field development. 3. Regarding regional cooperation, Syria has signed a memorandum of understanding with a consortium of companies, planning to cooperate with Iraq to replace the aging Kirkuk-Banias oil pipeline. Syria will be able to collect transit fees and have priority purchasing rights for oil transported through the pipeline. 4. Syria needs approximately 24 million cubic meters of natural gas daily to maintain its existing power plants, with monthly expenditures on imported natural gas amounting to about $140 million. About 10,000 employees have returned to work after applying for reinstatement, and the Ministry of Energy is also pushing forward with process digitization and automation. 5. Previously, the Syrian government raised fuel prices by 25% to 40%, sparking protests in many areas; following parliamentary hearings, the government introduced lower-priced diesel fuel for heating, agriculture, and other uses.
