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Iran credits US$3.6 billion to Syria

Industry

Iran has announced that it has signed a deal under which it will credit US$3.6bn to Syria for the purchase of oil products

The deal, agreed in May 2013, will allow Iran to acquire equity stakes in investments in Syria in return for the amount given, Reuters reported.

Another US$1bn credit line to Damascus has already been extended to buy Iranian power generating products and other goods in a barter arrangement that has helped Syria export textiles, phosphates and agricultural products such as olive oil and citrus products, Iranian officials said.

Syrian economist Samir Aita said, “It’s a strong psychological and political message of support from Iran. They are not just giving you a specific loan but they are giving you funds over a long period.

“The credit facility will allow Syria to spend much needed funds now tied up on other areas.”

Tehran earlier used to supply Damascus with up to a US$1bn worth of oil products a year on similar credit terms in the 1980s before Syria became an oil producer.

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