Syria Receives First Crude Oil Shipment Since Regime Change
Syria has received its first crude oil shipment since the fall of the Bashar al-Assad regime in December 2024.
Per reports from Syria’s state media, the oil tanker Aquatica (106,000 dwt) reached the Baniyas oil terminal on the night of March 20, carrying 100,000 metric tonnes of crude oil.
The shipment is expected to help reduce the severe fuel crisis affecting power generation and essential services. The arrival of Aquatica follows reports that Russia is establishing a supply chain to support Syria’s energy needs.
Before Assad’s departure, Syria relied heavily on Iranian oil, receiving nearly 100,000 barrels per day, which accounted for 90% of its crude supply.
After Assad fled the country, Iran halted its shipments, leaving Syria with limited options to meet its fuel demand.
Per tracking data, more oil shipments are heading to Syria. The tanker Sabina (158,000 dwt) registered in Barbados and managed from Hong Kong is carrying one million barrels of Russian crude oil and is expected to arrive in early April.
Another vessel, Sakina (150,000 dwt), also registered in Barbados with Hong Kong based ownership is en route to Syria and is expected to dock in Baniyas by March 25.
Multiple tankers have been making deliveries to Syria in recent months. This has raised speculation that Russia has secured a deal to supply oil products in exchange for securing its military presence in the country.
Both the vessels, Aquatica and Sakina are under US sanctions imposed in January 2025 with the European Union adding them to its sanctions list in February.
These tankers loaded their crude oil from the Umba storage vessel near Murmansk, Russia in February before sailing to Syria. As a result, Russia has been seeking alternative buyers.
Syria recently received its first gas shipment in months. On March 12, two gas tankers, Gas Catalina (7,800 dwt registered in Palau) and Prosperity (40,000 dwt registered in Barbados), delivered 34,000 tons and 4000 tons of gas respectively.
Another gas carrier Proxima (40,000 dwt registered in Barbados) is also on its way to Syria.
The vessel Prosperity, was previously named NS Pride and was a part of the Russian Sovcomflot fleet. It was also sanctioned by the US, UK and EU, and is now linked to Fornex, a Dubai based company involved in Russian energy trade.
Syria’s new administration, which took charge after Assad’s departure in December 2024, has been working to secure energy supplies as the country struggles with a severe fuel shortage.
The Baniyas refinery, Syria’s largest, had halted operations in December due to a lack of crude oil after the suspension of Iranian supplies.
Historically, Syria’s oil sector was a major contributor to the economy, accounting for 20% of GDP, over 50% of government revenues, and half of the country’s exports in 2010.
However, domestic production has drastically declined, falling from 390,000 barrels per day in 2010 to just 40,000 barrels per day by 2023. With Iranian shipments no longer available, Syria has been forced to look for new suppliers.
Reference: Reuters