logo
Turkey starts supplying Azerbaijani gas to boost Syria's power output

Turkey starts supplying Azerbaijani gas to boost Syria's power output

ISTANBUL: Turkey on Saturday turned on a supply of natural gas from Azerbaijan to Syria, whose infrastructure was ravaged by civil war, with annual deliveries expected to reach up to two billion cubic metres. Syria's Islamist authorities, who toppled Bashar al-Assad in December, are seeking to rebuild the battered country where power cuts can last for more than 20 hours a day.
Speaking at a ceremony attended by Syria's energy minister, Azerbaijan's economy minister and the head of Qatar's development fund, Turkish Energy Minister Alparslan Bayraktar said the initiative would help normalise Syria. 'In the initial phase, up to two billion cubic metres of natural gas per year could be exported to Syria,' Bayraktar said at the ceremony in the southern province of Kilis near the Syrian border. Damascus has said the gas would be used to generate electricity.
'The gas will help activate a power plant with a capacity of around 1,200 megawatts, meeting the electricity needs of approximately five million households,' Bayraktar said. 'We will transport natural gas to Aleppo and from Aleppo to Homs. This will enable the power plants there to be put into operation in the near future,' he added. A first phase of the Qatari scheme to fund gas supplies for power generation in Syria rolled out in March via Jordan and provided 400 megawatts of electricity per day.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Most Gulf shares gain on Fed easing bets; Egypt on winning streak
Most Gulf shares gain on Fed easing bets; Egypt on winning streak

Business Recorder

time6 hours ago

  • Business Recorder

Most Gulf shares gain on Fed easing bets; Egypt on winning streak

Most Gulf equities rose on Monday, recovering some of the previous session's losses due to prospects the U.S. Federal Reserve would cut interest rates, but held back by weaker oil prices and a mixed bag of corporate earnings. The U.S. added fewer jobs than expected in July, with sharp downward revisions to previous months, increasing bets on a September rate cut. According to the CME FedWatch tool, the odds for a cut now stand at about 80%, up from 63.1% a week ago. Interest rate moves by the Fed have a significant impact on the Gulf region's monetary policy because most of its currencies are pegged to the U.S. dollar. The Qatari benchmark index rose 0.1%, with most stocks posting gains. The leading gainers included Commercial Bank, which rose 0.9%, and Qatar Electricity and Water with a 1% rise. Late on Sunday, Qatar's main electricity and desalinated water supplier QEWC reported a 2.7% increase in half-year net profit. Dubai's benchmark stock index gained 0.2% after two consecutive session of losses, supported by industry, utilities and finance sector shares. Tolls operator Salik gained 1% and Gulf Navigation Holding rose for a second day, ending 5.2% higher. The maritime and shipping firm said last week it had raised its foreign ownership limit to 100% from 49%. Saudi Arabia's benchmark stock index snapped the previous session's losses and edged up 0.1%. ACWA Power advanced 3.1% and Saudi Arabian Mining added 2.2%. However, Nice One Beauty Digital Marketing slumped 10% after the e-commerce company posted a quarterly net loss compared to a net profit a year earlier. Among other losers, oil giant Saudi Aramco shed 0.4% ahead of its earnings announcement on Tuesday. Elsewhere, oil prices - a catalyst for the Gulf's financial markets - fell to their lowest in a week after OPEC+ agreed to another large output increase in September. Brent was down 2.3% at $68.06 a barrel by 1310 GMT. The Abu Dhabi benchmark index fell for the second straight session, slipping 0.2% with most sectors in the red. ADNOC Drilling lost 1% and Abu Dhabi Aviation dropped 1.4%. The diversified aviation services provider, ADA posted a 79% decrease in quarterly net profit attributable to shareholders. Outside the Gulf, Egypt's blue-chip index advanced for a third day and rose 1.3%, lifted by a 4.9% increase in Qala Holdings and 2.2% gain in Commercial International Bank. --------------------------------------- SAUDI ARABIA up 0.1% to 10,839 KUWAIT lost 0.6% to 9,198 QATAR rose 0.1% to 11,180 EGYPT up 1.3% to 34,705 BAHRAIN fell 0.1% to 1,949 OMAN up 0.6% to 4,800 ABU DHABI down 0.2% to 10,299 DUBAI gained 0.2% to 6,126 ---------------------------------------

Israel says ground troops conducted raids in Syria
Israel says ground troops conducted raids in Syria

Business Recorder

timea day ago

  • Business Recorder

Israel says ground troops conducted raids in Syria

OCCUPIED JERUSALEM: Israel's military said Sunday ground troops had operated in southern Syria, seizing weapons and questioning individuals suspected of arms trafficking, in the latest cross-border raid since the fall of Bashar al-Assad in December. A military statement said that troops had completed overnight 'a mission involving on-site questioning of several suspects involved in weapons trafficking in the Hader area in southern Syria', near the Israeli-annexed Golan Heights. 'Troops entered four locations simultaneously and located numerous weapons that the suspects had been trafficking,' the statement said. Footage released by the military showed uniformed Israeli troops in armoured vehicles and on foot operating at night. An Israeli army division remains 'deployed in the area, continuing to operate and prevent the entrenchment of any terrorist elements in Syria, with the aim of protecting Israeli civilians, and in particular, the residents of the Golan Heights', the military said. As an Islamist-led offensive late last year toppled Syrian president Assad, Israel deployed troops to the UN-patrolled buffer zone on the Golan Heights which has separated Israeli and Syrian forces following their 1973 war. In July, Israel bombed Syrian government forces in the capital Damascus and in Sweida province to force their withdrawal from the southern region amid a wave of sectarian violence. Israel said it was acting in defence of the Druze community, but some diplomats and analysts say its goal is to weaken the Syrian military and keep the forces of the new government away from the frontier. Israel launched hundreds of strikes on military sites following Asaad's overthrow in December, saying at the time it wanted to prevent weapons from falling into the hands of the new authorities it considers jihadists. Prime Minister Benjamin Netanyahu has demanded the demilitarisation of southern Syria.

Azerbaijan to export 1.2 bcm of gas to Syria
Azerbaijan to export 1.2 bcm of gas to Syria

Express Tribune

time2 days ago

  • Express Tribune

Azerbaijan to export 1.2 bcm of gas to Syria

Listen to article Azerbaijan will export 1.2 billion cubic metres (bcm) of gas annually through Turkey to Syria from the BP-operated Shah Deniz gas field in the Azeri Caspian Sea, a senior official at Azeri state energy company SOCAR told Reuters on Saturday. Turkey supported rebel forces in neighbouring Syria throughout the 13-year civil war that ended with the ousting of Bashar al-Assad in December and has become one of the new Syrian government's main foreign allies. Ankara is now positioning itself to be a major player in Syria's reconstruction. SOCAR Vice President Elshad Nasirov was speaking at a ceremony in the southern Turkish city of Kilis, close to the Syrian border, as Turkey and Azerbaijan launched natural gas exports to Syria. Azerbaijan's Economy Minister Mikayil Jabbarov said the project followed agreements in April and July between Azerbaijan President Ilham Aliyev and Syria's new President Ahmad al-Sharaa. Gas will be transported through Turkish territory to Syria under a coordinated arrangement, Jabbarov said. "By launching gas exports to Syria, Azerbaijan has demonstrated that it is capable of exporting gas not only to the West, but also to the East and the South," he said at the event. Turkish Energy Minister Alparslan Bayraktar said deliveries were expected to reach around 6 million cubic metres (mcm) per day. While the current delivery plan foresees exports of 1.2 bcm annually, Bayraktar said there was potential to supply up to 2 bcm per year in the first phase. The gas will be used to restart power plants in Syria with a combined capacity of 1,200 megawatts, Bayraktar said. Syrian Energy Minister Mohammad al-Bashir said the gas supplies would support basic energy needs in areas affected by conflict. He said the gas would allow for an additional four hours of electricity per day in those areas by increasing generation by around 750 MW. Al-Bashir also said that while the agreement foresees daily deliveries of 6 mcm, the initial volume would be around 3.4 mcm per day.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store