Syrian Petroleum Company (SPC), USA’s Chevron and Qatar’s Power International Holding Sign MoU to Launch Syria’s First Offshore Fields Exploration Initiative

Damascus, Syria — 4 February 2026 — Syrian Petroleum Company (SPC), Chevron and Qatar’s Power International Holding signed a Memorandum of Understanding (MoU) today at the Syrian Presidential Palace in Damascus, in a ceremony presided over by President Ahmad Al Sharaa.

The signing took place in the presence of Thomas Barrack, US Special Envoy to Syria; H.E. Khalifa Abdullah Saad Al Mahmoud Al Sharif, Ambassador of the State of Qatar to Syria; H.E. Mohammad Al Bashir Bazar, Minister of Energy; Moutaz Al Khayyat, Chairman of Power International Holding; and Ramez Al Khayyat, President of Power International Holding. The MoU was signed by Eng. Youseef Qiblawy, Chief Executive Officer of SPC; Frank Mount, President, Corporate Business Development at Chevron; and Erik Keskula, Chief Executive Officer of Power International Holding Energy – Oil & Gas.

This MoU marks Syria’s first offshore fields signing and the first structured step of its kind for exploring offshore fields and blocks under the SPC framework. It establishes a non-binding platform for collaboration and the exchange of information to support preliminary technical and commercial evaluation of defined offshore areas, with a view toward future definitive agreements, subject to all required approvals.

As Syria advances its national reconstruction priorities, strengthening the energy sector is a critical enabler for restoring essential services, supporting industry, and driving investment-led growth, as responsible, safe, and internationally aligned energy development is an important contributor to rebuilding infrastructure and creating sustained economic value.

Next steps under the MoU will focus on technical workstreams, including data review and subsurface studies, early exploration planning, and preparation toward the potential negotiation of definitive agreements, in line with applicable legal and regulatory requirements and recognized international practices.

“This MoU reflects the growing global interest Syria’s oil and gas sector is attracting,” said Eng. Youseef Qiblawy, CEO of SPC. “It is a practical step that supports our national efforts to restore the sector responsibly and position it as an engine for reconstruction and economic recovery.”

“Syria has meaningful potential, particularly offshore, and this MoU enables the Parties to evaluate opportunities in a disciplined and responsible manner,” said Frank Mount, President, Corporate Business Development at Chevron. “We look forward to working through a structured technical process consistent with international standards.”

“Power International Holding is committed to contributing to Syria’s reconstruction and to creating tangible value for communities,” said Erik Keskula, CEO of Power International Holding Energy – Oil & Gas. “This cooperation aligns with Power International Holding’s vision to undertake transformative investments that shape the future, through long-term partnerships that support national development priorities.”