Report: Iran, Syria Sign $3.6bn Oil Deal
TEHRAN (Tasnim) – Tehran agrees to supply Damascus with oil in exchange for the right to invest in Syria.
Iran has agreed to supply Damascus with $3.6bn in oil in exchange for the right to invest in the country, Syria's state news agency (SANA) reported.
"An agreement was signed (on Monday) in Tehran by the Iranian and Syrian central banks, granting Syria a credit line worth $3.6bn," the report stated.
The deal stipulates that Syria will pay back the cost of the oil loan "through Iranian investments of various kinds in Syria," SANA reported.
It did not elaborate on what kind of investments Tehran would make.
Oil production in Syria has crashed over the course of the country's crisis.
Previously a small energy exporter, Syria is now forced to import oil and by-products, Sleiman Abbas, Syria's oil minister said in May.