Syria's First Oil Import Letter in 14 Years

This represents the first import of oil into Syria through a letters of credit in 14 years, as the Central Bank of Syria financed a deal with Saudi Arabia's Aramco. This reflects the reactivation of international banking relations and the strengthening of oil import operations. The Syrian Petroleum Company has signed its first contract to supply petroleum products through direct arrangements with Aramco, contributing to meeting the local market's needs for oil derivatives and enhancing Syria's capacity to manage its strategic oil purchases. This step comes after discussions between the Central Bank of Syria and the U.S. Federal Reserve regarding the enhancement of banking relations and the development of financial channels. It indicates an improvement in international financial flows and supports the Syrian economy.

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