TT On-The-Go
TT Feed
| Iran and Syria sign $3.6b oil deal |
|
 |
 |
 |
Font Size 
 Iran has agreed to supply Syria $3.6 billion in oil in exchange for the right to invest in the country.
"An agreement was signed (on Monday) in Tehran by the Iranian and Syrian central banks, granting Syria a credit line worth $3.6 billion," the Syrian state news agency SANA reported on Tuesday.
The deal stipulates that Syria will pay back the cost of the oil loan "through Iranian investments of various kinds in Syria," the SANA report added.
It did not elaborate on what kind of investments Tehran would make.
Oil production in Syria has crashed over the course of the two-year war.
Previously a small energy exporter, Syria is now forced to import oil and byproducts, Syrian Oil Minister Sleiman Abbas said in May.
(Source: Al Jazeera)
  Socialize this Subscribe to our RSS feed to stay in touch and receive all of TT updates right in your feed reader
|