Amira Al-Waslati

Saudi Arabia’s ADES Holding, a drilling services company for the oil and gas sector listed on the Saudi Stock Exchange, will work with the Syrian state-owned Petroleum Company to develop a number of gas fields and increase production, according to a statement from the Syrian company carried by the official Syrian news agency on Sunday.

Syria is seeking to attract foreign investment and partnerships to support its damaged economy and dilapidated infrastructure, which have suffered due to years of political tensions. It has received Arab and Gulf support since the fall of Bashar al-Assad’s regime at the end of 2014 and the lifting of US sanctions imposed on it under the “Caesar Act” last year.

In September 2025, Syria announced the establishment of the Syrian sovereign wealth fund, known as the Syrian Development Fund, by presidential decree from Syrian President Ahmed al-Sharaa, to be concerned with rebuilding Syria and aiming to revitalize the economy by financing development projects.

The Syrian Petroleum Company (SPC) was established by a decree issued by the government last year as a state-owned holding company headquartered in Damascus. It replaced both the General Petroleum Corporation and its subsidiaries, and the General Refining Corporation and its subsidiaries. SPC's responsibilities include proposing strategies, identifying investment areas in the oil and gas sector, attracting investors, and managing and operating its owned or affiliated oil and gas assets and facilities.

Addis operates more than 120 drilling rigs in 20 countries, providing services to numerous oil companies in the Middle East, Southeast Asia, India, West Africa, the Mediterranean, and the North Sea. The Public Investment Fund (PIF) holds a 23.785% stake in the company.

The statement did not mention financial details of the agreement or its duration, but said that the agreement between the Syrian Petroleum Company and ADES aims for a gradual increase in gas production of up to 25% after the first six months, reaching higher levels of up to 50% by the end of the year.

The contract includes carrying out maintenance and development work on existing wells, in addition to drilling new exploratory wells within the agreed work areas, and raising production efficiency through the adoption of modern technologies, according to the statement.

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(Prepared by: Amira Al-Waslati, Edited by: Shaimaa Hefzy, Contact: zawya.arabic@lseg.com)

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