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Syria Central Bank Issues First Letter of Credit in 14 Years

By Drooid · Oct 12, 2026, 3:13 AM UTC · How we work

Summary

Story summary

Syria's central bank issued a letter of credit, first in 14 years, to enable a petroleum deal with Saudi Aramco.
An unnamed major U.S. bank arranged the transaction, providing formal financing for oil imports.
The deal marks a step toward restoring Syria's access to international banking after U.S. sanctions were lifted.
Saudi Arabia's energy minister signed memorandums of understanding with Kuwait, Qatar and Egypt to boost energy cooperation.

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Story summary

Syria's central bank issued a letter of credit, first in 14 years, to enable a petroleum deal with Saudi Aramco.
An unnamed major U.S. bank arranged the transaction, providing formal financing for oil imports.
The deal marks a step toward restoring Syria's access to international banking after U.S. sanctions were lifted.
Saudi Arabia's energy minister signed memorandums of understanding with Kuwait, Qatar and Egypt to boost energy cooperation.