Arrival of Iranian oil tanker comes after opening of new line of credit between the two countries

An Iranian oil tanker arrived at the Syrian port of Baniyas, the third in recent weeks, the Iranian news agency Tasnim reported on Monday.

The Iranian tanker arrived Saturday at the northwestern Syrian port on the Mediterranean, following the opening of a new line of credit between the two countries, Tasnim said.

On Monday, Syria’s official SANA news agency reported that President Bashar al-Assad ratified a “new phase” of the credit line agreement.

The deal aims to provide the war-torn country with energy and other supplies needed to make up for its shortfall.

Syria has been ravaged by over a decade of civil war that has cost the hydrocarbons sector tens of billions of dollars.

In July 2015, the Syrian parliament approved an agreement with Iran, under which Syria received a $1 billion credit line.

The deal came after two similar lines of credit in 2013 worth $4.6 billion in total, allowing Iran to provide Syria’s oil needs.

The agreements have proven crucial for both countries as their economies struggle under stringent Western sanctions.

Source » i24news