Syria issues first letter of credit for Saudi Aramco petroleum deal
The bank said the transaction opened a channel for financing oil imports and settling payments through the formal banking system. Saudi Arabia also signed three energy MOUs with Gulf states.
Syria's central bank has issued its first letter of credit in 14 years, facilitating a petroleum products supply deal between the Syrian Petroleum Company and Saudi Aramco. The transaction, arranged with a major US bank, marks a step toward restoring Syria's access to international banking channels following the removal of US sanctions and its designation as a state sponsor of terrorism.
Saudi Arabia has also strengthened energy cooperation by signing three memorandums of understanding with Kuwait, Qatar, and Egypt, with the agreement with Qatar focusing on collaboration in petroleum, natural gas, and petrochemicals.
Brief written by urgent.news from Jerusalem Post's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
