The President issues a decree to establish the "Syrian Petroleum Company" as a pioneering arm for the oil and gas sector
The Syrian President, Ahmad al-Shara, issued a decree on Thursday, October 2, to establish the "Syrian Petroleum Company SPC", which is a public holding company with an economic nature, fully owned by the state and based in the capital, Damascus.
The new structure grants the company legal personality and complete financial and administrative independence, replacing both the General Petroleum Corporation and its subsidiaries, as well as the General Refining Corporation and its subsidiaries. The decree stipulates the transfer of all rights and obligations, including contracts, agreements, and financial, administrative, and technical commitments, from the two corporations to the new holding company.
The decree states that the primary goal of this decision is to "develop a professional investment environment based on efficiency, quality, and integration at all stages of investment between the company and its affiliated entities to become the national pioneering arm in the sector." The decision also aims to "enable good governance, transparency, and accountability in managing the sector according to the best international practices," while working towards "entering global oil and gas markets, and enhancing competitiveness at the regional and international levels."
In addition, the new company will undertake a wide range of tasks, including proposing strategies and plans related to exploration, development, and investment in oil and gas resources and submitting them to the Ministry of Oil for approval. It will also coordinate with the ministry to establish basic principles, update agreements, and announce areas prepared for investment, aiming to attract investors from within and outside the country.
Furthermore, the company will be responsible for preparing and signing contracts related to exploration, development, and marketing activities, managing and operating the oil and gas assets and facilities owned by it, and submitting periodic reports on performance and efficiency to the Ministry of Oil. It will also focus on building national capacities and developing human resources, and adhering to sustainability policies and green transformation by assessing the environmental impact of its projects, along with managing and following up on international agreements and developing them.
In its administrative structure, the company's board of directors will consist of nine members, chaired by the Minister of Oil and Mineral Resources, including the CEO of the company, representatives from the Supreme Council for Economic Development, the Ministry of Finance, the Ministry of Economy and Internal Trade, the Syrian Investment Authority, in addition to two experts specialized in the oil, gas, and investment sectors, and a legal expert.
Finally, the decree transfers ownership of all assets of the two previous corporations to the new company, including movable and immovable assets such as land, buildings, equipment, and transportation means, as well as concessions, trademarks, and contracts. A special committee will be formed by a decision from the Minister of Oil to evaluate these assets and obligations to be transferred before the official handover.
