Syria issues first letter of credit for Saudi Aramco petroleum deal

OCTOBER 11, 2026 23:18Updated: OCTOBER 11, 2026 23:26Syria's central bank said on Sunday it issued its first letter of credit in 14 years to facilitate a petroleum products supply deal between the Syrian Petroleum Company and Saudi Aramco (2222.SE).The bank said the transaction was arranged in coordination with a major US bank, which it did not name, opening a channel to finance oil imports and settle payments through the formal banking system.The move 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's energy minister signed three memorandums of understanding with Kuwait, Qatar and Egypt to strengthen energy cooperation, the Saudi state news agency said on Sunday.General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018; illustrative. (credit: REUTERS/Ahmed Jadallah/File Photo)The agreement with Qatar sets a framework for collaboration in petroleum, natural gas and petrochemicals, including exploring joint opportunities to develop pipelines for transport and exports.This is a developing story.Follow us on Google