Damascus Allows Establishment of Two Oil Refineries

A youth works at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria December 16, 2015. REUTERS/Khalil Ashawi
A youth works at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria December 16, 2015. REUTERS/Khalil Ashawi
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Damascus Allows Establishment of Two Oil Refineries

A youth works at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria December 16, 2015. REUTERS/Khalil Ashawi
A youth works at a makeshift oil refinery site in Marchmarin town, southern countryside of Idlib, Syria December 16, 2015. REUTERS/Khalil Ashawi

The Syrian Parliament has approved two bills to establish two private companies operating in the field of oil refineries.

A company affiliated with “Katerji Group,” which is owned by a businessman on a Western sanctions list, will be part of these companies.

According to sources in Damascus, the parliament has approved an agreement to establish two companies, the “Coast Refinery” and the “Rusafa Refinery”.

Approval was granted after the parliament had reviewed a report by the committee specialized in studying the partners’ agreement to establish a joint-stock company under the Coast Refinery Company.

The company is aimed at establishing, operating and managing an oil condensate refinery.

The agreement was signed between the Ministry of Petroleum and Mineral Resources and the General Organization for Refining and Distribution of Petroleum Products (GORDPP) as the first party, and Arvada and the Lebanese Sallizar Shipping SAL as the second party, Russia Today (RT) news website reported.

The parliament also approved the bill that includes ratifying a contract signed on September 19, 2019 between the Ministry of Petroleum and the contractor, represented by “Arvada” and “Sallizar Shipping SAL.”

The contract aims to develop and expand the Tartous oil terminal, establish a new oil transportation system, and rehabilitate and maintain the existing oil transportation system in accordance with the provisions of the contract and its appendices.

Head of the Syrian regime Bashar al-Assad has earlier referred these two bills along with the contract to the country’s parliament.

It is noteworthy that there are two government oil refineries in Syria. One in the coastal city of Baniyas and the other in the central city of Homs.



Saudi Inflation Rate Remains Stable at 2.3% in June 2025

The Wholesale Price Index (WPI) recorded a relative stability at 2.1% in June 2025
The Wholesale Price Index (WPI) recorded a relative stability at 2.1% in June 2025
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Saudi Inflation Rate Remains Stable at 2.3% in June 2025

The Wholesale Price Index (WPI) recorded a relative stability at 2.1% in June 2025
The Wholesale Price Index (WPI) recorded a relative stability at 2.1% in June 2025

The General Authority for Statistics (GASTAT) reported that the annual inflation rate in Saudi Arabia remained stable at 2.3% in June 2025 compared to the same month of the previous year.

The Consumer Price Index (CPI) also remained steady at 0.2% in June 2025 compared to May 2025, on a monthly basis.

Similarly, the Wholesale Price Index (WPI) recorded a relative stability at 2.1% in June 2025 compared to the same month last year. However, the WPI decreased by 0.1% in June 2025 compared to May 2025.

According to GASTAT, CPI reflects price changes paid by consumers for a fixed basket of 490 goods and services. This basket was selected based on the results of the 2018 Household Income and Expenditure Survey. Prices are collected through field visits to points of sale, and the CPI statistics are published monthly.