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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
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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.

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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)

Egypt's current account deficit narrowed to $2.1 billion in January to March 2025 from $7.5 billion in the same period a year earlier, the central bank said on Tuesday.

The central bank attributed the slimmer deficit to the increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to higher tourism revenue.

Oil exports declined to $1.2 billion, from $1.4 in the year earlier, while imports of oil products rose to $4.8 from $3.4 billion.

Egypt has sought to import more fuel oil and liquefied natural gas this year to meet its power demands after disruptions to gas supply led to blackouts over the last two years.

Concerns over supplies increased after the pipeline supply of natural gas from Israel to Egypt decreased during Israel’s air war with Iran last month.

Revenues from the Suez Canal, declined to $0.8 billion in the third quarter of the country’s financial year, from $1 billion the same time a year ago, as Yemeni Houthis' attacks on ships in the Red Sea continued to cause disruption.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenues reached $3.8 billion, compared to $3.1 billion in the same period in 2023/24.

Remittances from Egyptians working abroad increased to $9.3 billion, from $5.1 billion. The increase in remittances has helped to reduce the wider trade deficit.

Foreign direct investment hit $3.8 billion, compared to $18.2 billion in the same quarter a year before.

Egypt has suffered an economic crisis exacerbated by a foreign currency shortage, which forced it to undergo economic reforms under an $8 billion IMF program that included allowing its pound to depreciate sharply last year.