Syria opens formal banking channel for Saudi oil imports after 14 years - The Arab Weekly

Arabic title: سوريا تفتح قناة مصرفية رسمية لاستيراد النفط السعودي بعد 14 عامًا - ذا عرب ويكلي
English title: Syria opens formal banking channel for Saudi oil imports after 14 years - The Arab Weekly
Published: 12 October 2026 · 12:04 UTC
Topic: Economy

From the text

Syria opens formal banking channel for Saudi oil imports after 14 years DAMASCUS Syria’s central bank said on Sunday it had issued its first letter of credit in 14 years to facilitate a petroleum products supply deal between the Syrian Petroleum Company and Saudi Aramco. The bank said the transaction was arranged in coordination with a major US bank, which it did not name, opening a channel to finance oil imports and settle payments through the formal banking system. The central bank also emphasised that the transaction marks a critical shift toward re-establishing official banking channels fo…

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