Conflicting figures on Syria’s Oil revenues raise questions

While the Ministry of Finance set expected revenues for 2026 at a total of 958.8 billion new Syrian pounds (equivalent to $8.716 billion), estimating that 27.9% would come from oil and gas, the CEO of the Syrian Petroleum Company (SPC) made press statements claiming that oil revenues fund 80% of the state treasury.

This major discrepancy between the Finance Ministry’s data and the Syrian Petroleum Company’s statements raises questions about whether there is a financial authority operating outside the Ministry of Finance and the Central Bank, who oversees these funds, and how their spending is monitored.

According to sources within the Ministry of Finance, the main sources feeding the state treasury are distributed across four key sectors. Expected revenues for 2026 total 958.8 billion new Syrian pounds ($8.716 billion), distributed as follows:

Oil and gas: $2.434 billion (27.9%)

Taxes and fees: $2.5 billion (28.7%)

Customs revenues: $1.9 billion (21.8%)

Investment returns: $1.882 billion (21.6%)

Meanwhile, statements from the Syrian Petroleum Company indicate it supplies 80% of the treasury, funds salaries and wages, supports other ministries, and finances roads, services, and public events. This raises questions about the role of the Ministry of Finance, who authorizes the company to allocate funds, and who oversees its activities.

Economists believe these conflicting statements pose serious risks to the public treasury, questioning who manages it, who supervises it, the true size of revenues, and most importantly, who monitors public spending.

They also noted that the company’s claims of managing public funds through its board of directors—before receiving legal and legislative approval from the Syrian parliament—are unlawful. Under Syrian law, the company is not authorized to manage contracts or external funds without legislative backing.

Additionally, the company’s claim that its accounts are overseen by Syria’s interim President Ahmed al-Sharaa raises further questions about the Finance Ministry’s role, especially with thousands of tankers transporting Iraqi oil through Syria for export. Transit fees, unloading, pumping, and shipping services reportedly make up over 50% of export costs—raising the question: where do these revenues go, and where is transparency?

Economists warned against removing oil revenues from legislative oversight and returning them to a special fund linked to the presidency, as was the case under the previous regime—where minimal aid was distributed to local communities while deals and levies were conducted without accountability.

Despite all oil fields now operating under the Syrian Petroleum Company within the interim government, fuel prices across Syria have risen instead of falling, despite increased resources and expanded control over production. This raises further questions about pricing mechanisms, actual costs, and how oil revenues are spent—and whether they benefit the local market and citizens’ livelihoods.

a.k

ANHA