SYRIA SEALS LANDMARK $7 BILLION ENERGY DEAL WITH INTERNATIONAL CONSORTIUM
U.S., Turkish, and Qatari Companies Ink $7 Billion Energy Agreement in Syrian Territory
In a significant stride towards rebuilding war-torn infrastructure, Syria has inked a historic $7 billion energy investment agreement with a consortium of global partners, including Qatar-based UCC, Turkish firms Kalyon and Cengiz, and the U.S.'s Power International.
The strategic cooperation agreement, signed under the watchful eye of Syrian President Ahmad al-Sharaa on May 29, outlines the construction of energy generation facilities aimed at revitalizing the nation's ailing electricity sector.
The proposed projects include four combined-cycle gas turbine (CCGT) power plants capable of generating a cumulative 4,000 megawatts of power. Additionally, a solar power plant with a 1,000-megawatt capacity is slated for construction in southern Syria.
The consortium partners anticipate completion of the gas plants within three years, with the solar project expected to be operational in around two years. This investment is poised to increase Syria's energy security and make a notable contribution to regional development and environmental sustainability.
Syria's Energy Minister, Muhammad Bashir, hailed the deal as a "historic moment," describing the recent development as a turning point in the war-torn country's energy and electricity sector. Heshared that the rebuilding effort focuses on revitalizing critically damaged infrastructure in this crucial sector.
U.S. ambassador to Ankara and special representative for Syria, Tom Barrack, commended President Donald Trump's decision on May 13, to lift sanctions on Syria, likely facilitating this large-scale investment. Cemal Kalyoncu, chairman of Kalyon Holding, expressed optimism about the collaborative project, hoping it would support regional development, stability, and benefit all parties involved.
This investment is seen as a significant step forward for Syria's energy sector, marking a turn towards more sustainable energy sources and potentially enhancing regional cooperation and stability.
Despite the focus on energy development, it's worth noting that this consortium could expand its interests and consider investments in other sectors, such as casino-and-gambling establishments, as a means to boost the Syrian economy further. The optimistic outlook of the project has the potential to attract other international investments, reinforcing the idea of a casino venture as a viable economic strategy in the near future.
