Signing  of  a Syrian-Saudi Memorandum of Understanding for the Production of Fertilizers from Oil Silk

In a move to enhance the prospects of economic cooperation between the two countries, the Ministries of Economy and Industry and the Ministry of Energy signed a strategic memorandum of understanding with Saudi Arabia's Sami Rock Stone Company Ltd. with the aim  of establishing joint business bases to launch a pioneering investment project in the mining and industrial sector, in line with Damascus's directions to open the doors of foreign investment in vital natural resources.

The MoU was signed by the General Organization for Geology and Mineral Resources (SGGE) and Saudi Arabia's SAMIROCK Company to launch a project to use oil sage in the production of diammonium phosphate, at the Ministry of Energy building in Damascus.

Turning oil sagery into economic value

The memorandum focuses mainly on conducting geological, technical and in-depth studies to assess the feasibility of exploiting the "oil sage" and Syrian phosphate rocks.

The project seeks to achieve the production of "Diammonium Phosphate", a vital component in the global fertilizer industry, which directly contributes to supporting the local agricultural sector and enhancing food security by providing locally sourced and world-class production inputs.

Sharing responsibilities and data

Under the MoU, Syrian government agencies are obliged to provide procedural facilities, including the provision of the necessary licenses, geological data and available historical studies.

In turn, Saudi Arabia's Sami Rock will lead the technical side by preparing an integrated economic feasibility study, financial model and detailed business plan, in preparation for the transition to the final negotiation phase of the execution contract.

Resource Investment and Property Protection

The MoU goes beyond a mere technical agreement to emphasize the principles of confidentiality and protection of intellectual property rights for all parties, with a focus on the precise identification of reserves.

This approach comes within the Syrian government's vision to develop the mining sector and turn it into a locomotive for industrial growth, in a way that contributes to providing the national economy with new resources and providing specialized job opportunities in this promising sector.

Regional Fertilizer Industry Hub

According to economic analysts, this project represents  a cornerstone in the strategy of investing in underground wealth, as the success in linking the oil stream to the phosphate industry will put Syria on the map of countries exporting quality fertilizers.

The Saudi company's participation also reflects the restoration of confidence in the Syrian investment environment, paving the way for more joint ventures in the energy and heavy industries sector between the two countries.