Latest news with #MohammedAlBashir
LBCI
3 days ago
- Business
- LBCI
Syria signs $7 billion power deal with Qatar's UCC Holding-led consortium
Syria has signed a memorandum of understanding with a consortium of international companies led by Qatar's UCC Holding to develop major power generation projects with a foreign investment valued at about $7 billion, UCC said in a statement on Thursday. The agreement involves building four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts, plus a 1,000-MW solar power plant in southern Syria. "This agreement marks a crucial step in Syria's infrastructure recovery plan," said Syrian Energy Minister Mohammed al-Bashir, who signed the deal in Damascus in the presence of Syrian President Ahmed al-Sharaa and U.S. envoy for Syria, Thomas Barrack. Construction is expected to begin after final agreements and financial close, and is targeted to finish within three years for the gas plants and less than two years for the solar plant. Once completed, the projects are expected to provide over 50% of Syria's electricity needs.
Khaleej Times
3 days ago
- Business
- Khaleej Times
Syria signs $7 billion power deal with Qatar's UCC Holding-led consortium
Syria has signed a memorandum of understanding with a consortium of international companies led by Qatar's UCC Holding to develop major power generation projects with a foreign investment valued at about $7 billion, UCC said in a statement on Thursday. The agreement involves building four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts, plus a 1,000-MW solar power plant in southern Syria. "This agreement marks a crucial step in Syria's infrastructure recovery plan," said Syrian Energy Minister Mohammed al-Bashir, who signed the deal in Damascus in the presence of Syrian President Ahmed al-Sharaa and U.S. envoy for Syria, Thomas Barrack. Construction is expected to begin after final agreements and financial close, and is targeted to finish within three years for the gas plants and less than two years for the solar plant. Once completed, the projects are expected to provide over 50% of Syria's electricity needs. After 14 years of war, Syria's electricity sector has been suffering from severe damage to its grid and power stations, aging infrastructure, and persistent fuel shortages, generating only 1.6 gigawatts of electricity, down from 9.5 GW before 2011. Reconstructing the power sector is expected to cost around $11 billion and the new administration is betting on the private sector shouldering the burden, underlining a shift from the state-led economic policies of the Assad era. The projects will be financed through regional and international banks, in addition to capital injection from the partners, UCC Holding CEO Ramez Al Khayyat said. They are expected to create 50,000 direct and 250,000 indirect jobs during execution, the UCC Holding CEO said. Doha, one of the region's sternest opponents of Bashar al-Assad and backers of the rebels-turned rulers who replaced him, is now positioning itself to play a major role in Syria's reconstruction, along with Turkey.
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
Syria Signs $7 billion Power Deal with Qatar's UCC Holding-led Consortium
Syria has signed a memorandum of understanding with a consortium of international companies led by Qatar's UCC Holding to develop major power generation projects with a foreign investment valued at about $7 billion, UCC said in a statement on Thursday. The agreement involves building four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts, plus a 1,000-MW solar power plant in southern Syria, according to Reuters. "This agreement marks a crucial step in Syria's infrastructure recovery plan," said Syrian Energy Minister Mohammed al-Bashir, who signed the deal in Damascus in the presence of Syrian President Ahmed al-Sharaa and US envoy for Syria, Thomas Barrack. Construction is expected to begin after final agreements and financial close, and is targeted to finish within three years for the gas plants and less than two years for the solar plant. Once completed, the projects are expected to provide over 50% of Syria's electricity needs. After 14 years of war, Syria's electricity sector has been suffering from severe damage to its grid and power stations, aging infrastructure, and persistent fuel shortages, generating only 1.6 gigawatts of electricity, down from 9.5 GW before 2011. Reconstructing the power sector is expected to cost around $11 billion and the new administration is betting on the private sector shouldering the burden, underlining a shift from the state-led economic policies of the Assad era. The projects will be financed through regional and international banks, in addition to capital injection from the partners, UCC Holding CEO Ramez Al Khayyat said. They are expected to create 50,000 direct and 250,000 indirect jobs during execution, the UCC Holding CEO said.
Arab News
23-05-2025
- Business
- Arab News
Turkiye to provide Syria with 2 billion cubic meters of gas annually
DAMASCUS: Turkiye will provide 2 billion cubic meters of natural gas to Syria each year, Turkish energy minister Alparslan Bayraktar said on Thursday. In a joint news conference with his Syrian counterpart in Damascus, Bayraktar said that Turkiye's gas exports to Syria will contribute to an additional 1,300 megawatts of electricity production in the country. Ankara, which supported rebel forces in neighboring Syria throughout the 13-year civil war that ended this month with the ousting of Bashar Assad, is now positioning itself to play a major role in Syria's reconstruction. Turkiye will also provide an additional 1,000 megawatts of electricity to neighboring Syria for its short term needs, he added. Syrian Energy Minister Mohammed Al-Bashir said they agreed to activate a gas pipeline that connects Syria with Turkiye, with gas flows expected in June. 'This will significantly boost electricity generation, which will positively impact the Syrian people's electricity needs,' Al-Bashir said. The two minister discussed completing a 400-kilovolt line that links the countries, contributing to importing around 500 megawatts of electricity into Syria, to be ready by the end of the year or shortly thereafter, he added. Cooperation also includes opening the door for Turkish companies to invest in mining, phosphate, electricity generation and electricity distribution in Syria. 'There is very intensive work underway regarding the discovery of new natural resources, whether gas or oil, on land or at sea,' Bayraktar said. (Reporting by Riham Alkousaa in Damascus and Huseyin Hayatsever in Ankara; Editing by Jonathan Spicer and Louise Heavens)
LBCI
22-05-2025
- Business
- LBCI
Syria, Turkey to begin gas supplies in June, electricity link by year-end: Minister
Syrian Energy Minister Mohammed al-Bashir announced that Damascus and Ankara are moving forward with plans to complete a joint gas pipeline, with natural gas supplies expected to begin in June. He also confirmed that work is underway to activate the long-delayed electricity interconnection project, which is expected to be operational by the end of the year.
