Baker Hughes, Hunt Energy, and Argent LNG are forming a partnership to create a master plan for rebuilding Syria’s oil, gas, and power industries. Argent LNG CEO Jonathan Bass confirmed the plan on Friday, following the recent lifting of U.S. sanctions on Syria by President Donald Trump at the end of June.
The companies plan to assist with exploration, production, and power generation to help restart Syria’s economy. Their efforts begin in areas west of the Euphrates River, which are under government control. This follows a wave of investment interest from Gulf states in Syrian infrastructure projects, including power generation and port development.
“We are initiating the development of a comprehensive masterplan for energy and power generation in Syria, based on a preliminary assessment of opportunities for near-term improvements in generation capacity and service delivery,” Bass told Reuters.
He noted that potential activities could span the entire energy value chain, including combined-cycle power plants. Argent LNG is also involved in other global projects, including a recent deal to supply Bangladesh with up to 5 million metric tons of LNG per year.
Baker Hughes did not respond to requests for comment. Hunt Energy declined to comment.
Investor Interest Grows Amid Damaged Infrastructure
Syria’s electricity production has fallen sharply from 9.5 gigawatts before the war to just 1.6 gigawatts today. The government is now looking to private investors and donors to fund much-needed repairs. In May, Qatar’s UCC Holding signed a $7 billion memorandum of understanding with Syria to build new gas and solar power facilities.
Finance Minister Yisr Barnieh posted on LinkedIn that Baker Hughes, Hunt Energy, and Argent LNG are forming a coalition to invest in Syria’s energy sector. “This visit signals a growing interest among American companies and investors in engaging with Syria,” he said.
Bass and executives from Hunt and Baker Hughes arrived in Damascus on a private jet last Wednesday. During their visit, the city was rocked by Israeli airstrikes. Bass said he has been working on this initiative since a meeting with Syrian President Ahmed al-Sharaa in April.
He was also part of efforts to encourage the Trump administration to engage with Syria diplomatically. That outreach, with support from Turkey and Saudi Arabia, contributed to the lifting of sanctions in May.
Despite growing investor interest, Syria remains volatile. A recent outbreak of violence in Sweida province left more than 300 people dead, according to the Syrian Network for Human Rights.
“To work in Syria, there are potholes, there are ditches, it has craters,” said Bass. “If you don’t have the team that’s willing to accept craters, don’t come.”
