Turkish, Qatari, US firms sign $7 billion energy deal in Syria
DAMASCUS
Turkish conglomerates Kalyon Holding and Cengiz Holding, Qatar-based UCC, and U.S.-based Power International have signed an energy investment agreement worth $7 billion in Syria.
In the presence of Syrian President Ahmad al-Sharaa, a strategic cooperation agreement was signed between the Syrian Energy Ministry and the companies on May 29.
Under the agreement, natural gas power plants with a total installed capacity of 4,000 megawatts and a solar power plant with an installed capacity of 1,000 megawatts will be built in Syria.
The natural gas power plants are expected to be completed within three years, while the solar power plant is expected to be built within approximately two years.
This large-scale investment will not only increase Syria's energy supply security but also make a strong contribution to environmental sustainability goals and the regional development vision.
Syrian Energy Minister Muhammad Bashir, in his speech at the signing ceremony, said: “Today, we are witnessing a historic moment that represents a turning point in Syria's energy and electricity sector."
"We are rebuilding the devastated infrastructure in this important sector,” he added.
U.S. ambassador to Ankara and special representative for Syria, Tom Barrack, said President Donald Trump made a bold decision on May 13 to lift sanctions on Syria.
Speaking after the signing ceremony, Cemal Kalyoncu, chairman of Kalyon Holding, said: "We believe this collaboration will support regional development and stability, and we hope it will be beneficial for all parties."
