The Iran Project

Iran extends oil credit line to Syria

BEIRUT: Syria and Iran inked a banking agreement to arrange for a $3.6 billion oil credit line, the Syrian Arab National News Agency reported Tuesday.

According to the deal, Syria would repay the Islamic Republic for the oil supplied by allowing Iranian investments in various fields in Syria.

The agreement was inked in Tehran between representatives of Iran’s central bank and its Syrian counterpart, SANA reported.

Syrian Oil Minister Suleiman Abbas and his Iranian counterpart Rostam Ghasemi had earlier discussed the implementation of previously inked agreements in the fields of gas, oil and petroleum products.

“Both sides also reviewed means of working together to overcome the economic sanctions and the fierce war to which the Syrian people are exposed,” SANA reported.

Western sanctions do not bar companies from selling diesel to Syria, but restrictions on some financial transactions have raised the cost of imports and cut the exports that Syria uses to raise hard currency.

By The Daily Star


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