Investors return to Syria with optimism and curiosity to help rebuild its energy sector

Damascus is holding its first International Oil, Gas and Energy Exhibition since the fall of the former regime, bringing together global investors in a striking shift after years of isolation as a pariah capital.

The exhibition, held at the Damascus International Fairgrounds from Wednesday to Saturday, opened its doors the day after President Ahmad Al Shara and the Syrian Petroleum Company met major US energy company Chevron to discuss co-operation on offshore oil and gas exploration.

Since the fall of the regime a year ago, Syria has signed a slew of agreements in the energy sector, including with US companies ConocoPhillips and Novaterra, the UAE’s Dana Gas, and Qatar’s UCC Holding.

SPC vice president Waleed Youssef said Damascus had also been in contact with French giant Total on Wednesday to discuss offshore surveying. He added that five agreements in the energy sector had been signed in the past month and that he expected contracts to materialise this week.

“We’ve turned the page, and now we’re only thinking about the future. We’re focusing on investment, on developing our oil and gasfields,” he told The National.

“Welcome to Syria. Syria is a safe country, and investments are everywhere for the oil and gas sector.”

Mr Youssef clarified that companies which have shown interest in the sector come from everywhere, including th