From Chevron to Saudi Arabia, Syria signs raft of new business deals

Syria has signed a bevy of economic deals with Gulf states and a US energy company, in a further sign of support from Washington and regional powers for President Ahmed al-Sharaa’s government.

US energy giant Chevron signed on Wednesday a preliminary agreement with Syria and UCC Holding, a Qatari firm, to explore for oil and gas off the coast of the country.

The energy deal comes on the heels of an even bigger investment push into Syria by Saudi Arabia. Reuters reported on Tuesday that the kingdom will invest in a new private Syrian airline company as part of “a multi-billion-dollar investment package”.

For Sharaa’s government, the economic deals come as it looks to consolidate military and political gains inflicted on the Syrian Democratic Forces after a sweeping offensive in January.

Sharaa has faced some criticism in Washington for taking on the US’s erstwhile partners, but US President Donald Trump voiced confidence in him.

US envoy to Syria Tom Barrack attended the Chevron signing ceremony in Damascus, Syria's official Sana news agency reported.

"The deal marks Syria's first formal step toward offshore energy exploration," Sana said.

Chevron stamp of approval

Chevron is already active in the Eastern Mediterranean. It operates Israel’s giant Leviathan gas field, which has helped make the country a net gas exporter.

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In January, Chevron signed an agreement with Libya’s Tripoli-based government to evaluate oil and gas exploration opportunities. Greece, which is in a maritime competition with Turkey, has also courted Chevron, seeing its involvement in projects as a stamp of approval from Washington.

Qatar is playing a leading role in Syria’s energy sector as part of the country’s reconstruction.

UCC Holding is owned by Qatar’s well-connected Khayyat family and is part of the wider Power International Holding group. UCC led a consortium of Turkish and US companies in May to unveil a $7bn deal to revive Syria’s energy grid.

That agreement covered natural gas, electricity, mining, and petroleum, with a focus on technical coordination, information sharing, and joint investment.

One of the most significant projects under this agreement is the natural gas pipeline between Kilis and Aleppo, completed in June 2025. Through this pipeline, Turkey is expected to supply Syria with two billion cubic metres of natural gas annually.

From telecoms to airports

Meanwhile, Saudi Arabia is also pushing ahead with investments in Syria.

Saudi Arabia’s Al-Arabiya news said that, in addition to a private airline, the agreements between Riyadh and Damascus include Saudi investments in Syrian telecommunications, a desalination project, and the reconstruction and management of Aleppo airport.

Taken together, the deals show that Qatar, Turkey and Saudi Arabia are playing an outsized role in Syria’s reconstruction, with the US’s backing.

Saudi Arabia hosted President Recep Tayyip Erdogan for a visit on Wednesday. The two countries have moved closer as they oppose Israel’s military forays in the region.

They also support the same side in Sudan’s civil war against a paramilitary force backed by the Rapid Support Forces.