Syria reaches oil deal with ally Russia

Qadri Jamil, Syria's deputy prime minister for economic affairs, listens during a news conference in Moscow August 3, 2012.

Credit: Reuters/Maxim Shemetov

By Thomas Grove

MOSCOW | Sat Aug 4, 2012 12:20am IST

MOSCOW (Reuters) - Syria has reached an agreement with ally Russia to secure much-needed fuel as a delegation of ministers sent by President Bashar al-Assad asked Moscow to help alleviate the effects of sanctions on the war-torn country.
The trip was a rare foreign visit made by high-level Syrian officials, whose circles of support are shrinking as violence mounts between rebel fighters and forces loyal to Assad, who the West and Arab countries say must leave power.
Under the deal, Syria will export its crude oil to Russia in exchange for refined oil products, which Damascus sorely needs to keep its economy and military running.
"Russia wants to help the Syrian people," Syrian Deputy Prime Minister for Economic Affairs Qadri Jamil told reporters in Moscow on Friday.
"We will deliver our oil and receive gasoline and fuel oil; it will be a barter," he said, adding that Syria is producing about 200,000 barrels per day.

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