Latest news with #UCCConcessionInvestments
Business Recorder
2 days ago
- Business
- Business Recorder
Syria inks $7bn energy deal with Qatari, Turkish, US firms
DAMASCUS: Syria signed a $7 billion energy deal on Thursday with a consortium of Qatari, Turkish and US companies as it seeks to revive the war-torn country's crippled power sector. The agreement was sealed at the presidential palace in Damascus in the presence of interim President Ahmed al-Sharaa and US ambassador Thomas Barrack. It aims to generate 5,000 megawatts. Syrian Energy Minister Mohammad al-Bashir called it a 'historic moment' and a 'turning point' for the country's shattered infrastructure. The consortium is led by Qatar's UCC Concession Investments and includes Turkey's Kalyon GES Enerji Yatirimlari and Cengiz Enerji, along with Power International USA. Syria's 14-year civil war wrecked its power grid, leaving people with up to 20 hours of daily blackouts. The project includes four gas-powered plants in central and eastern Syria and a 1,000-megawatt solar farm in the south. Bashir said the plants would use US and European technology. Barrack said US President Donald Trump had lifted sanctions on Syria unconditionally and pledged ongoing support. Trump, he said, offered Syria his 'unceasing commitment' to turn borders 'into a tapestry of commerce and cooperation'. UCC chief executive Ramez al-Khayyat said the deal would create more than 50,000 direct and 250,000 indirect jobs.
Euronews
2 days ago
- Business
- Euronews
US reopens ambassador's residence in bid to warm relations with Syria
An American flag was raised outside of the long-shuttered US ambassador's residence in Damascus on Thursday, in a sign of growing ties between Washington and the new Syrian government. The US ambassador to Turkey, Tom Barrack, who has also been appointed as special envoy to Syria, visited the capital, Damascus, to inaugurate the residence. On his visit, Barrack met with Syrian President Ahmad al-Sharaa and attended the signing of an agreement for a consortium of Qatari, Turkish and US companies for development of a 5,000-megawatt energy project to revitalise much of Syria's war-battered electricity grid. A consortium led by Qatar's UCC Concession Investments, along with Power International USA and Turkey's Kalyon GES Enerji Yatirimlari and Cengiz Enerji, will develop four combined-cycle gas turbines with a total generating capacity estimated at approximately 4,000 megawatts and a 1,000-megawatt solar power plant. 'Once completed, these projects are expected to supply over 50% of the country's electricity needs,' said UCC in a statement Washington hasn't formally reopened its embassy in Damascus, which closed in 2012 after protests against the government of ousted longtime President Bashar al-Assad, was met with a brutal crackdown, spiralling the country into civil war. But despite the embassy's doors remaining shuttered, Barrack's visit and the raising of the US flag were a significant signal of warming relations between Damascus and Washington. Washington was initially wary about Syria's new leaders, led by Ahmad al-Sharaa, the former leader of an Islamist insurgent group that the US still lists as a terrorist organisation. However, the Trump administration, encouraged by regional allies Saudi Arabia and Turkey, has in recent weeks shown increasing openness to embracing the new Syrian government. Trump held a surprise meeting with al-Sharaa in Riyadh earlier this month, as he embarked on his first tour of the Middle East in his four-month-old second term. After the trip, the US begun to roll back decades of sanctions slapped on Syria under the al-Assad dynasty. Speaking at the ceremony celebrating the signing of the energy deals, Barrack praised the 'bold decision' to lift sanctions and said the move comes with 'no conditions, no requirements." There is only "one simple expectation and that expectation sits behind me, the alignment of these amazing countries,' he said, referring to the flags of the US, Qatar, Turkey and Syria behind him. The US State Department posted a statement on X on Thursday attributed to Trump announcing Barrack's appointment as envoy to Syria. 'Tom understands there is great potential in working with Syria to stop Radicalism, improve Relations, and secure Peace in the Middle East. Together, we will Make America, and the World, SAFE AGAIN!' the statement said. In response, Barrack praised Trump in a post on X for his 'bold vision, empowering a historically rich region, long oppressed, to reclaim its destiny through self-determination.'
France 24
2 days ago
- Business
- France 24
In Damascus, US envoy inks $7 billion energy deal, calls for Israel-Syria peace pact
Syria signed a $7 billion energy deal on Thursday with a consortium of Qatari, Turkish and US companies as it seeks to revive the war-torn country's crippled power sector. The agreement was sealed at the presidential palace in Damascus in the presence of interim leader Ahmed al-Sharaa and US ambassador Thomas Barrack. It aims to generate 5,000 megawatts. Syrian Energy Minister Mohammad al-Bashir called it a "historic moment" and a "turning point" for the country's shattered infrastructure. The consortium is led by Qatar 's UCC Concession Investments and includes Turkey 's Kalyon GES Enerji Yatirimlari and Cengiz Enerji, along with Power International USA. Syria's 14-year civil war wrecked its power grid, leaving people with up to 20 hours of daily blackouts. The project includes four gas-powered plants in central and eastern Syria and a 1,000-megawatt solar farm in the south. Bashir said the plants would use US and European technology. Barrack said US President Donald Trump had lifted sanctions on Syria unconditionally and pledged ongoing support. Trump, he said, offered Syria his "unceasing commitment" to turn borders "into a tapestry of commerce and cooperation". UCC chief executive Ramez al-Khayyat said the deal would create more than 50,000 direct and 250,000 indirect jobs. Last week, Turkish Energy Minister Alparslan Bayraktar said his country would begin supplying Syria with two billion cubic metres of gas a year – enough to generate 1,300 megawatts. Syria has ramped up efforts to lure investment after the United States and European Union said they would lift sanctions. In March, Qatar began funding gas supplies to Syria via Jordan to help ease power shortages. US suggests Syria-Israel non-aggression deal While in Damascus, Barrack, called for a non-aggression agreement between Syria and Israel in remarks to Saudi channel Al Arabiya on Thursday. Syria and Israel have technically been at war since 1948, with Israel taking the Golan Heights from Syria in 1967. Since the ouster in December of former president Bashar al-Assad, Israel has carried out hundreds of air strikes and multiple incursions into Syria. Barrack said the conflict between the two countries was a "solvable problem". To him, Syria and Israel could "start with just a non-aggression agreement, talk about boundaries and borders" to build a new relationship with its neighbour. On May 8, Sharaa said in France that Syria was holding "indirect talks through mediators" with Israel to "try to contain the situation so it does not reach the point where it escapes the control of both sides". US ambassador's residence inaugurated Barrack, who is also ambassador to Turkey, inaugurated the US ambassador's residence in the Syrian capital with Syrian Foreign Minister Assaad al-Shaibani, state media outlet SANA reported. AFP photographers saw the US flag raised at the ambassador's residence, just a few hundred metres (yards) from the US embassy in the Abu Rummaneh neighbourhood, under tight security. "Tom understands there is great potential in working with Syria to stop Radicalism, improve Relations, and secure Peace in the Middle East," Trump said, according to a post on the State Department's X. The US embassy in Syria was closed after Assad's repression of a peaceful uprising that began in 2011, which degenerated into civil war. Washington has not formally reopened its embassy in Damascus, but Barrack's visit and the raising of the flag were a significant signal of warming relations between the two countries.
Yahoo
2 days ago
- Business
- Yahoo
Long-shuttered US ambassador's residence in Damascus is reopened as Washington mends ties with Syria
DAMASCUS, Syria (AP) — An American flag was hoisted outside of the long-shuttered U.S. ambassador's residence in Damascus on Thursday, in a sign of growing ties between Washington and the new Syrian government. The U.S. ambassador to Turkey, Tom Barrack, who has also been appointed special envoy to Syria, arrived to inaugurate the residence, Syrian state-run news agency SANA reported. He met with Syrian President Ahmad al-Sharaa and attended the signing of an agreement for a consortium of Qatari, Turkish and U.S. companies for development of a 5,000-megawatt energy project to revitalize much of Syria's war-battered electricity grid. Under the deal signed Thursday, a consortium led by Qatar's UCC Concession Investments — along with Power International USA and Turkey's Kalyon GES Enerji Yatirimlari, Cengiz Enerji — will develop four combined-cycle gas turbines with a total generating capacity estimated at approximately 4,000 megawatts and a 1,000-megawatt solar power plant. A statement sent out by UCC said that 'once completed, these projects are expected to supply over 50% of the country's electricity needs.' Washington hasn't formally reopened its embassy in Damascus, which closed in 2012 after protests against the government of then-President Bashar Assad, met by a brutal crackdown, spiraled into civil war. Assad was unseated in December in a lightning rebel offensive. But Barrack's visit and the raising of the flag were a significant signal of warming relations. Washington was initially circumspect about Syria's new leaders, led by Ahmad al-Sharaa, the former leader of an Islamist insurgent group that the U.S. still lists as a terrorist organization. However, the Trump administration — encouraged by two U.S. allies in the region, Saudi Arabia and Turkey — has in recent weeks shown increasing openness to Damascus. Trump held a surprise meeting with al-Sharaa in Riyadh earlier this month, and the U.S. has begun to roll back decades of sanctions slapped on Syria under the Assad dynasty. Speaking at the ceremony celebrating the signing of the energy deals, Barrack praised the 'bold decision' to lift sanctions and said the move comes with 'no conditions, no requirements." There is only "one simple expectation and that expectation sits behind me, the alignment of these amazing countries,' he said, referring to the flags of the U.S., Qatar, Turkey and Syria behind him. The U.S. State Department posted a statement on X on Thursday attributed to Trump announcing Barrack's appointment as envoy to Syria. 'Tom understands there is great potential in working with Syria to stop Radicalism, improve Relations, and secure Peace in the Middle East. Together, we will Make America, and the World, SAFE AGAIN!' the statement said. Barrack thanked Trump in an X post for 'your bold vision, empowering a historically rich region, long oppressed, to reclaim its destiny through self-determination.' The Associated Press
Reuters
3 days ago
- Business
- Reuters
Four firms including Qatar's UCC to expand Syrian power grid
DOHA, May 28 (Reuters) - The Syrian government is set to sign deal on Thursday with four companies to expand its electrical grid by 5,000 megawatts through the development of gas turbines and solar plants, according to a company media invitation. The agreement launching the Syria Power Revival Initiative will be signed at the Syrian presidential palace on Thursday. The deal will involve Qatar's UCC Concession Investments as the lead developer, along with Kalyon GES Enerji Yatirimlari, Cengiz Enerji and Power International USA, according to the UCC Holding media invitation.
