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[00:00:01] but the final judgment
[00:00:09] will not have a problem
[00:00:15] Good evening, dear viewers, and welcome to a new episode of
[00:00:18] the Syria Tonight program. We begin with the headlines of
[00:00:21] our files.
[00:00:27] of dealing with a trader to the mentality of dealing with Syria Tonight begins with the Syrian Bank's execution
[00:00:31] and then we forget in return confidence of its first letter of credit since 14 years ago
[00:00:35] on, and built for the benefit of the Syrian Petroleum Company to import fuels.
[00:00:39] or the letter of credit that was made And in our second file,
[00:00:43] we will present to you a session of the United Nations Security Council, where members
[00:00:46] will discuss the situation in Syria, in the presence of Syria's
[00:00:51] point and an end to Permanent Representative to the United
[00:00:52] to undermining the stability of the currency. Nations.
[00:00:54] of the entire energy situation from Welcome. The Central Bank of Syria
[00:01:02] dealing between them.
[00:01:08] of energy security in
[00:01:18] announced the execution of its first letter of credit for the benefit
[00:01:22] of the Syrian Petroleum Company in coordination with one of the major American banks.
[00:01:30] Foreign currency, and it can plan resources coming from This comes with the aim of international generating petroleum products from one of the major international
[00:01:34] being disclosed. This simple a qualitative companies. Details in the following report. A new deal to supply
[00:01:37] petroleum products to Syria brings together the Syrian Petroleum
[00:01:41] Company and Saudi Aramco within direct commercial
[00:01:44] and banking arrangements aimed at securing
[00:01:48] petroleum supplies to the local market.
[00:01:51] To translate this deal into practical steps, the Central
[00:01:55] you mentioned about Bank executed its first letter of credit since
[00:01:59] confidence. The movements of the 14 years ago for the benefit of the Syrian
[00:02:02] Petroleum Company, in coordination with one of the major American
[00:02:06] stations are witnessing banks, which provides the necessary banking tool
[00:02:09] to implement the deal and establishes
[00:02:12] a financing and settlement mechanism
[00:02:14] I mean, when this for trade related to the supply of petroleum products.
[00:02:17] The importance of this step goes beyond the deal
[00:02:20] itself, as it reflects the role of the Central Bank of Syria in preparing the necessary
[00:02:24] banking channels to finance strategic trade, coordinating
[00:02:28] documentary procedures with the concerned
[00:02:32] encouraging, but parties, which supports the regularity of oil supplies and enhances the reliability of
[00:02:35] carrying out ongoing operations through the official
[00:02:39] banking system. The bank affirmed its continued work
[00:02:42] in coordination with the Syrian Petroleum Company to develop the necessary
[00:02:46] financial and documentary arrangements to facilitate supply
[00:02:49] operations, which supports the continuity of supplies
[00:02:52] and meets the needs of the local market.
[00:02:56] This step comes after discussions held by a delegation
[00:03:00] of the Syrian Central Bank, headed by Governor Safwat Tarslan,
[00:03:03] on the fifth of this October with the US Federal Reserve
[00:03:07] in New York, which covered the practical files of the banking
[00:03:10] relationship between the two sides. With this letter
[00:03:15] to your question, of credit, the Central
[00:03:16] two days ago, I passed by Bank of Syria opens a new path to finance oil product imports
[00:03:20] in a step that reactivates banking
[00:03:23] tools that have been absent
[00:03:26] in Syria appreciate. for more than a decade and supports securing supplies through official
[00:03:30] channels.
[00:03:33] On this topic, we are pleased to host
[00:03:36] directly from Mulhouse, France, the expert in Middle East economics, Dr.
[00:03:40] to the ability to Company. What is the benefit of this Khaled Al-Turkawi. Good evening, Dr. Khaled. And joining
[00:03:43] us from Idlib is the energy researcher, Dr.
[00:03:46] Musaab Al-Shabib. Welcome, Dr. Musaab,
[00:03:50] and welcome to our two dear guests. I will start with you, Dr. Khaled.
[00:03:54] First, what does this letter of credit,
[00:03:57] which was announced by the Central
[00:04:01] that I believe this issue Bank of Syria, mean?
[00:04:04] without subsidy, May God bless you. Thank you for the invitation. There are two important points
[00:04:08] that those who follow Syrian affairs and are interested
[00:04:12] a completely different step in in this news understand. The first point
[00:04:14] method in Syria from tomorrow, is what a letter of credit means, and the second point is what a letter of credit means in this case,
[00:04:18] in the case of buying oil. Now,
[00:04:20] The queues have started for what does a letter of credit mean? A letter of credit is an agreement
[00:04:24] that the bank
[00:04:26] guarantees the seller's rights and guarantees the buyer's rights, meaning that
[00:04:31] on oil. affect that. the goods are delivered and the money is held, and when
[00:04:34] announcement the goods match the agreed-upon conditions and the
[00:04:38] or receiving their price agreed-upon contract, the bank would have sent
[00:04:41] these funds, and therefore also sent them to the seller,
[00:04:45] and therefore the buyer also
[00:04:47] companies will enter ensured that these goods have the same specifications and that he did not
[00:04:49] miss anything. This is in the theoretical framework of all
[00:04:53] purchases. But in Syria's case now, what happened
[00:04:57] I mean, we are approaching the second year of was that sellers, oil
[00:05:01] from that time to this sellers, used to stipulate to the Syrians,
[00:05:02] an energy credit fund. to the Ministry of Energy and Syrian institutions that want to buy oil, whether diesel
[00:05:06] or gasoline or others, that they pay cash, either
[00:05:10] in Turkey or Jordan or Lebanon or any other country. This
[00:05:13] is one. They pay it in advance
[00:05:16] before they bring any
[00:05:19] supplies. Then they carry out the supply
[00:05:23] process. So you have a problem if there is a defect
[00:05:27] in the supply process, for example, if the diesel or gasoline does not meet
[00:05:30] the agreed-upon specifications, then the money is already with
[00:05:33] the seller. This is one. If it is delayed, then you also
[00:05:36] have a problem. How do you secure large quantities? You have
[00:05:40] almost 130 to 140 million US dollars every day that are supposed to go out of the country. This is also
[00:05:43] a problem. So what happened now is that
[00:05:47] you are only giving them a letter of commitment, a written
[00:05:51] paper stating that this bank guarantees your right,
[00:05:54] seller, to have the funds if
[00:05:57] the goods are delivered according to the agreed-upon
[00:06:00] conditions and specifications in the contract.
[00:06:03] Therefore, what will happen based on this
[00:06:07] is that the Syrian government will ensure
[00:06:10] that the funds are sent to the bank. One,
[00:06:13] the seller is supposed to adhere to the specifications 100%,
[00:06:17] and therefore if he does not adhere, he will not receive the funds. Three,
[00:06:20] and most importantly, you will buy from trusted parties, not
[00:06:24] intermediaries. That is, no one but intermediaries, traders,
[00:06:28] or ordinary people in the oil market
[00:06:32] accepts cash. But large and reputable companies
[00:06:36] that have commitments and long contracts. Okay, Doctor, does
[00:06:39] this, Doctor Khaled, mean that this is considered
[00:06:43] leap in oil imports to
[00:06:46] Syria? A qualitative leap not only
[00:06:49] in imports, in fact, not only in
[00:06:52] oil imports, but in general imports, meaning
[00:06:56] that we have begun to move
[00:06:57] from being
[00:07:00] traders, viewed by the international community as
[00:07:03] individual traders, to being dealt with as a real
[00:07:06] state with lifted sanctions,
[00:07:09] and guarantees for their rights. These big traders
[00:07:13] or companies, meaning that we have moved from the simple
[00:07:17] theoretical framework that was based on dealing with us as companies
[00:07:20] and individuals to a framework where they deal with us as a state
[00:07:24] with a central bank capable of guaranteeing rights, and with
[00:07:28] a credit you can rely on. Therefore, this is
[00:07:31] certainly a qualitative leap, not only in the oil sector, but in
[00:07:34] all goods that may enter Syria in the future.
[00:07:38] Very good. I welcome Dr. Musaab Al-Shabib, the energy
[00:07:41] researcher, again. From Idlib, Doctor, based
[00:07:44] on what Dr. Khaled
[00:07:47] mentioned, and moving to the executive part specifically for the energy sector,
[00:07:51] what does securing energy supplies to Syria
[00:07:54] through a regular letter of credit
[00:07:57] mean?
[00:07:59] And how can it be compared to previous supply
[00:08:03] mechanisms and the sustainability and flow of material
[00:08:06] to Syria, especially since we are dealing today with major American
[00:08:09] companies?
[00:08:12] Greetings, Professor Abdel Qader, to you, to our esteemed guest, and to all
[00:08:15] dear viewers. First, commenting on what
[00:08:19] our esteemed guest said, in my opinion, this is
[00:08:22] an experiment called "simulation,"
[00:08:26] meaning it is a practical simulation
[00:08:29] to begin to move in this
[00:08:32] real institutional direction
[00:08:35] that we all
[00:08:38] This direction is through banks,
[00:08:42] the governmental Central Bank, which acts as the intermediary
[00:08:45] and guarantor between the seller and the buyer, and which
[00:08:49] is the Syrian Petroleum
[00:08:52] matter? Our esteemed guest mentioned an important issue, which is the issue
[00:08:55] of intermediaries. In reality, we do not know how oil is purchased
[00:08:59] from these intermediaries, who may not have a strong CV
[00:09:03] in terms of supplies. The first benefit
[00:09:06] if this approach is adopted, and we hope it will be, despite
[00:09:10] the many challenges
[00:09:13] will face, perhaps we will talk about them,
[00:09:17] it will ensure stability in supplies, Professor Abdel Qader. We
[00:09:21] are now facing the biggest problem, which is the issue
[00:09:24] of supplies. You find that the material, whether
[00:09:28] it is diesel or gasoline, is cut off. Today, we have a diesel shortage today.
[00:09:33] diesel because there is no stability in the supply
[00:09:37] process. We await some shipments. Sometimes shipments
[00:09:40] are delayed. Weather conditions
[00:09:43] Today, if this institutional , banking, governmental
[00:09:47] approach is adopted, in coordination with international
[00:09:50] banks and companies, Vitol Company, ADNOC Emirati
[00:09:54] Company, Saudi Aramco, reputable and respected
[00:10:00] this context and begin the supply process. And here, the concept of
[00:10:03] forward contracts, which is
[00:10:06] still not effectively implemented in Syria,
[00:10:10] will be utilized, leading to price stability and establishing
[00:10:15] I think it is too early to talk about this issue, but
[00:10:18] we are now, as a start,
[00:10:21] as a simulation, as I mentioned to you, it can be promising,
[00:10:26] on the implementation and continuity in this
[00:10:29] matter. Okay, I return to Dr. Khaled, and I apologize
[00:10:32] for some sound issues with you,
[00:10:36] Dr. Musaab. Perhaps the colleagues are solving
[00:10:39] this problem. Dr. Khaled, when
[00:10:42] letters of credit are activated,
[00:10:46] and based on what you said, we have moved from the mentality
[00:10:52] the state. This requires
[00:10:55] from the parties that carry out purchasing
[00:10:59] and other financial and developmental procedures. In your opinion,
[00:11:03] what are the procedures that the Syrian
[00:11:07] Central Bank has taken to enhance this
[00:11:10] confidence?
[00:11:13] Sir, the issue of letters of credit originally
[00:11:16] arose historically to enhance the concept
[00:11:19] of trust. What are you telling the seller? The seller and buyer do not
[00:11:23] know each other. Assume there was no previous
[00:11:27] There is a strong party
[00:11:31] telling the seller, "I guarantee you the funds," and telling the buyer,
[00:11:34] "I guarantee you the goods." So the seller is assured
[00:11:38] of his money, and the buyer is assured of his goods having the same specifications.
[00:11:42] This is one. Two, where does the Central Bank get this
[00:11:46] power from? From its ability. It has cash reserves. Now, by the grace of God,
[00:11:49] we have
[00:11:53] trade. There is a budget that is not
[00:11:59] effort that occurred in recent months
[00:12:02] has started to accumulate.
[00:12:05] And investors and countries, my friend, monitor. When
[00:12:08] some people, for example, do not realize the importance of the Ministry
[00:12:12] of Finance issuing a treasury statement, and that it has a deficit,
[00:12:15] and it has a surplus, and it has resources, this is read as
[00:12:19] transparency, and therefore it is read as contributing to
[00:12:24] bank and its meetings and its technical responses to the International
[00:12:28] Monetary Fund, and all the statements that have been made and negotiations with countries,
[00:12:32] this is read as transparency and confidence. So the international
[00:12:35] bank, the bank, meaning the central bank or the Central Bank of Syria,
[00:12:38] has truly succeeded in proving that
[00:12:42] it has now gained the confidence of the international community,
[00:12:46] and that with this step, it has become a guarantor for all our
[00:12:49] purchases, meaning even, I assume, far from energy, even if I want to
[00:12:53] buy goods from China today, I used to be forced to send
[00:12:57] them to Saudi Arabia or send them to Turkey and then send them through the bank or
[00:13:01] send them through an exchange office. Now, the Syrian trader can go to
[00:13:05] any bank and tell it, "Open a letter of
[00:13:08] credit for me." Therefore, a letter of credit means that the bank
[00:13:11] guarantees the buyer's right to receive
[00:13:14] goods that match the specifications and are delivered
[00:13:18] on the specified date, and this is an important point in the case
[00:13:21] of energy. The problem you had was that you were dealing with an intermediary.
[00:13:25] He enjoys being untrustworthy. The intermediary takes
[00:13:29] money from you from the start. First, the intermediary
[00:13:32] always wants cash, not through the bank. These
[00:13:36] large companies do not agree to deal in this way,
[00:13:39] even if you have money. You take 100 million and give it to the company. No
[00:13:43] one in the world would accept 100 million dollars from you. They take
[00:13:47] a check from you, they take a promise or a letter from you. That's what they take from you.
[00:13:51] Okay, now if we move to dealing with the intermediaries
[00:13:55] who used to charge higher oil prices, who used to
[00:13:58] delay us, who used to give you poor oil specifications,
[00:14:02] then we have moved
[00:14:05] deal with large companies, and therefore these large companies, which have
[00:14:08] a reputation built over tens
[00:14:11] of years, will give you oil with the specifications you agreed
[00:14:15] upon. They will give you oil according to the supplies. They will give you
[00:14:18] oil even if you tell them, "I will agree with you for three months
[00:14:21] of supplies, for example, every week you supply me with a quantity
[00:14:25] of X." So they will agree and be truthful with you, because if they are not
[00:14:28] truthful with you, they will not receive their money and the payments that
[00:14:32] the central bank guarantees them. So we have indeed moved
[00:14:37] trade, not only in oil, but in all international
[00:14:40] trade with the countries of the world. Okay, we will move to other trades, but
[00:14:44] Dr. Khaled, some analysts used to link the sudden
[00:14:47] fluctuations that affected the Syrian currency
[00:14:50] to the deals that were made
[00:14:56] This
[00:14:59] by the Syrian Central Bank
[00:15:02] will it protect the Syrian currency today from these sudden
[00:15:06] fluctuations?
[00:15:11] Dr. Khaled. I was saying this is an important question.
[00:15:15] If you hear me, please proceed. And the answer to it is as follows:
[00:15:19] If we go back two years,
[00:15:22] liberation. If we go back
[00:15:26] time, the Syrian pound has not experienced real
[00:15:29] shocks, but rather it has experienced
[00:15:32] fluctuations subject to supply
[00:15:34] and demand. That is, sometimes we find it, for example, now,
[00:15:38] the current price is 140, 120,
[00:15:40] 125, but these are not large fluctuations.
[00:15:44] This is a very, very important point, meaning,
[00:15:47] in the frozen days of the regime, it was 500, then
[00:15:51] it became 6000 and so on. We will hopefully not see this in
[00:15:55] Syria. We have not seen it and will not see it in the future. This is point
[00:15:58] number one. Point number two, letters of credit
[00:16:01] guarantee to the Central Bank that it can manage its
[00:16:04] cash flows, meaning that it knows that from now until six months,
[00:16:08] it has to pay in cash, for example,
[00:16:10] for wheat, a quantity of 400 million,
[00:16:14] for energy, a quantity of, for example, a billion. So it therefore
[00:16:17] guarantees the planning of its resources
[00:16:21] and its expenditures. And therefore, this contributes
[00:16:24] to the stability of the currency and will not contribute
[00:16:29] On the contrary, it will contribute to the stability of the
[00:16:33] currency significantly because you now have the ability to plan your resources
[00:16:36] and the ability to plan your expenses, and the entire
[00:16:40] matter is confined to the Central Bank, and this is the decisive factor. In the past,
[00:16:44] money was transferred to another country, perhaps in a van
[00:16:48] or in a car or a bag, and it was done through another
[00:16:51] country, and therefore another country benefited from it,
[00:16:54] not Syria. Now you have a central bank that manages the money.
[00:16:57] By the grace of God, the process of changing the currency is mostly over. The old Syrian
[00:17:01] currency.
[00:17:03] Yes.
[00:17:08] domestically and abroad. Okay, Dr. Musaab, I return to you.
[00:17:12] Since you mentioned the crisis
[00:17:15] today that some stations in Syria are witnessing due to the shortage
[00:17:19] of diesel or mazout. The
[00:17:22] question here is, what is perhaps the fundamental
[00:17:25] difference between the arrival
[00:17:29] of oil shipments that used to reach us in installments
[00:17:32] due to, as Dr. Khaled used to say, the complex
[00:17:36] operations that were taking place. And perhaps some people are hearing
[00:17:39] for the first time how purchasing operations used to
[00:17:43] be carried out, and today they will be flowing
[00:17:45] regularly
[00:17:49] and periodically. My voice is clear, Professor Abdel Qader. Your voice
[00:17:51] is clear. Please proceed.
[00:17:54] That is, in a nice phrase, it's like
[00:17:58] the difference between buying from a flea market and buying from a mall with
[00:18:02] a credit card, and in a civilized
[00:18:04] and digital way. And I still insist
[00:18:08] completely that this example perhaps summarizes the scene.
[00:18:12] But, Professor Abdel Qader, with all due respect to what our guest
[00:18:16] said, and I heard it in its entirety, and these are benefits that no
[00:18:19] scientific, technical, or academic person can deny
[00:18:23] in this context, but I focus on the part that we are still in the simulation
[00:18:27] stage. The simulation, in other words,
[00:18:30] means that we are now in this experiment initiated by the
[00:18:34] Central Bank, but will it be adopted in supply
[00:18:38] operations? On a personal level, I hope this happens, and
[00:18:41] we all hope it does, because it will create a proactive
[00:18:45] energy system, Professor Abdel Qader. What does a proactive energy
[00:18:49] system mean? In response
[00:18:54] the gas station, and I was coming from Jordan, and the gas station owner told
[00:18:57] me, "If your car is diesel, fill it with diesel now,
[00:19:01] because there will be a crisis in two days." God is my witness, Professor Abdel Qader.
[00:19:05] So I asked him, "How did you know that?" He said, "Because we ordered
[00:19:08] a shipment, and they didn't send it to us, which means there will be a diesel
[00:19:12] crisis, and the crisis happened today." What I want to say
[00:19:15] is that the Central Bank's
[00:19:18] adoption of this step, which is the letter
[00:19:22] of credit, will first remove and eliminate
[00:19:26] those who work in the black market, who sometimes extort
[00:19:29] the Syrian government. For example, you have to pay
[00:19:32] in advance, which means if you receive
[00:19:36] goods with 80% or 70% quality, for example, in gasoline,
[00:19:39] you will accept it reluctantly because you have no other
[00:19:43] options, and you don't want to have queues and a big problem.
[00:19:47] Now, with this method, which we hope will become an adopted
[00:19:52] and we move away from this extortion, we will have
[00:19:56] current and future contracts. We will have the
[00:19:59] establishment of a Syrian energy credit fund, because the problem
[00:20:03] now, which I fear, is what the Central Bank will face, which
[00:20:07] is securing foreign currency. I think that this issue,
[00:20:10] if it was, and it certainly is, studied and under
[00:20:14] study, then we would have moved to the
[00:20:16] process of contracting with
[00:20:20] reputable companies that have a high reputation in the field
[00:20:23] of energy supplies. And these companies, I believe,
[00:20:27] will have competition, and therefore
[00:20:30] many Syrians may now complain that the price
[00:20:33] of even petroleum products with us may be more expensive than
[00:20:38] some other places. The reason for that is that the black market
[00:20:41] dictates its terms. I believe that if this issue is adopted
[00:20:44] and we move from the issue of simulation to the issue
[00:20:47] of implementation and it becomes an adopted
[00:20:50] approach by the Central Bank, that it supervises
[00:20:54] and guarantees all transactions and supplies,
[00:20:56] first, we will
[00:20:58] end the issue of sudden
[00:21:02] crises. That is, 48 hours ago, you didn't
[00:21:06] know that there would be a diesel crisis. Now it has happened. The reason
[00:21:09] is the delay in supplies, which is, in fact, like a flea
[00:21:13] market. And that is why we hope and appreciate this
[00:21:16] step, but we do not want it to be just an experiment
[00:21:21] about it. No, it must be worked
[00:21:25] upon, and the deal
[00:21:29] with the American company should
[00:21:31] become an effective plan and take into
[00:21:35] account what our esteemed guest said regarding the budget,
[00:21:38] and we should have an observation and estimation
[00:21:44] now for several months to come. Okay, Dr. Musaab, before I return
[00:21:47] to Dr. Khaled, based on what
[00:21:50] you said, can this step
[00:21:53] enhance perhaps the concept
[00:21:58] the country, or will it push
[00:22:02] for us not to see a black market
[00:22:05] as you mentioned? Absolutely, Professor Abdel
[00:22:08] Qader. All international companies and all countries, even
[00:22:12] countries that are exposed to attacks due to, I mean, the American-Iranian
[00:22:16] war, and it is a source
[00:22:19] of energy. And in some other energy-exporting countries, they do not deal
[00:22:22] in a way that, unfortunately, we, of course, due to the war
[00:22:26] and due to the war waged by the regime against
[00:22:30] Syrians, and the process of establishment and launching is undoubtedly a difficult
[00:22:34] process, and I personally, by God, really appreciate
[00:22:37] the work of the Ministry of Energy. But the transition to this
[00:22:41] banking system, which will link the banking
[00:22:44] system in Syria with the global system, with all the banking
[00:22:48] challenges despite the lifting of sanctions, will certainly
[00:22:52] move the issue of energy to stability, so that the Syrian
[00:22:55] citizen no longer has the fear that whenever there is,
[00:22:59] as they say, a fuss here and a fuss there, gasoline runs out, then
[00:23:02] diesel runs out, then a shipment of poor quality gasoline arrives,
[00:23:06] which flooded social media, as you know, but rather
[00:23:10] it will move to the concept of energy stability,
[00:23:13] which will consecrate and establish the rotation of the production
[00:23:16] wheel. I will not hide from you, Professor Abdel Qader, that I am informed
[00:23:20] about many contractors' work.
[00:23:24] Many contractors during the past few days
[00:23:27] have raised the margin
[00:23:30] of, let's say, fear regarding prices and price
[00:23:33] fluctuations. The price of a digger is different, and the price of a truck
[00:23:36] is different, and the price of other things. So the machinery
[00:23:39] and the work have led to a change
[00:23:43] in the value of the tender, and thus they have raised the margin with the companies
[00:23:46] they deal with. So when you have energy
[00:23:50] stability, you have supplies, and these supplies are
[00:23:53] according to programs and are automated
[00:23:56] according to a digital electronic platform with clear data.
[00:24:00] Today, we suffer from supply chains.
[00:24:03] Supply chains today are irregular and do not take into
[00:24:07] account market needs or read the scene correctly,
[00:24:10] and therefore we have this bottleneck
[00:24:14] in the issue of fuels. Whether we move from
[00:24:17] a gasoline problem to a diesel problem, and from a Syrian problem, it is indeed a promising
[00:24:21] market that will not be satisfied with just securing
[00:24:24] derivatives for the domestic market, but rather Syria
[00:24:27] will be a gateway to the global market. Okay, Dr.
[00:24:31] Khaled, first, I want to
[00:24:34] ask you a question that Dr.
[00:24:37] Musaab also asked: Can this step affect
[00:24:40] the foreign currency held by the Syrian Central
[00:24:44] Bank?
[00:24:47] Look, in principle, we operate in a free economy,
[00:24:50] meaning that the government supplies
[00:24:54] or at least most
[00:24:57] energy goods are not subsidized. We saw that the latest plan
[00:25:00] announced by the Minister of Energy states that there
[00:25:03] are first, second, and third grades, and perhaps
[00:25:07] they are talking about subsidizing certain quantities of the third grade
[00:25:11] that go to bakeries and to
[00:25:14] farmers and so on. Therefore, these quantities, when they studied them,
[00:25:18] they are capable of handling them,
[00:25:20] but with large quantities, they are capable
[00:25:24] of recovering their price
[00:25:28] in advance from gas stations, distribution
[00:25:31] stations, and they can tell the Central
[00:25:34] Bank, perhaps there is support, Dr.
[00:25:37] Khaled, even if it is partial.
[00:25:40] 100%,
[00:25:44] 100%. The third part, as you said,
[00:25:48] I agree with you, but it is studied that this support is within
[00:25:51] the government's capabilities. But the larger part,
[00:25:55] the larger part of the energy is paid for by
[00:25:58] citizens, like the current gasoline situation. So you are selling
[00:26:03] to the ordinary citizen at this price, and it may decrease
[00:26:07] further because you are buying from foreign companies, and therefore you
[00:26:11] because you are now capable of planning, not
[00:26:15] like in the past. For example, today they sold
[00:26:18] you at $1.8, tomorrow they will tell you $1.9.
[00:26:21] No, here companies will commit to you for a longer period,
[00:26:24] and therefore you will be able to tell people, "Friends, I support
[00:26:28] 20% because this is my capability and my capacity, and
[00:26:31] 80%," or vice versa, he can support
[00:26:34] 50%. So you can distribute, so there will be no
[00:26:37] problem. This is one. Two, what I want to tell
[00:26:41] you, Professor Abdel Qader, what I want to tell people
[00:26:43] is just to know the importance of this point. If we assume that
[00:26:47] the liberation of Syria that happened in December
[00:26:49] 2024 was a turning point and a starting
[00:26:54] Assad, then the speech of President
[00:26:57] in the General Assembly and the lifting of sanctions and so on, this opened
[00:27:01] another door in international relations. Now we have
[00:27:04] the application of this point. I believe that it
[00:27:07] is an opening in the economic field. Why an opening? Because
[00:27:11] it is the removal or confirmation of the removal of sanctions
[00:27:14] from a practical perspective, not from statements. Today, countries are telling
[00:27:17] you that I deal with you as a state that can
[00:27:21] guarantee your buyers within this state. You
[00:27:24] can import from me. You can deal with
[00:27:28] me. So Syria is now to be congratulated, by the
[00:27:31] way. Syria has now entered the regional system and has
[00:27:35] entered the international system. May God complete it. Excellent.
[00:27:39] I mean, okay, Dr. Musab, I mean, dealing
[00:27:42] today with major international companies
[00:27:45] in coordination also with one of the major
[00:27:48] American banks in the United States of America.
[00:27:52] Some people ask about the added value, I mean,
[00:27:55] we always go back perhaps to what
[00:27:58] the quality that sometimes affected
[00:28:01] gasoline and today
[00:28:04] the shortage that some
[00:28:08] in the country.
[00:28:11] Okay, first of all, this is something, of course,
[00:28:14] that is encouraging.
[00:28:17] documentary contract or documentary credit with major
[00:28:20] American companies happens,
[00:28:24] in my opinion, this is an opportunity for other companies
[00:28:27] to drool, as they say, to have a hand or to have a presence in
[00:28:31] the Syrian energy market. This is always
[00:28:34] Mr. Abdel Kader, I want to emphasize a point that
[00:28:38] the documentary credit guarantees payment
[00:28:41] and conforms
[00:28:44] to the agreed upon conditions, but it does not guarantee
[00:28:47] the quality of the product, meaning that the product must, even
[00:28:51] if it has يعني يعني سي
[00:28:54] a CV that confirms the technical specifications of the product
[00:28:57] that is supplied according to this documentary credit, it must be subject
[00:29:01] to a number of technical laboratory
[00:29:04] tests and at multiple stages, whether at the Banias
[00:29:08] refinery or samples are taken to the laboratories
[00:29:12] located in the Banias refinery or the Homs refinery. This is one.
[00:29:15] Two, regarding, I mean, I also have a concern about
[00:29:19] the issue of infrastructure for storage. When you
[00:29:22] have forward contracts and you have stable
[00:29:25] and continuous deliveries according to these contracts, the issue of
[00:29:29] storage comes up here. This issue must be seriously considered. Is
[00:29:32] it, for example, possible to use some of the tanks available in
[00:29:36] some neighboring countries or is it possible to store in a certain country and then deliver
[00:29:39] in multiple stages according to market needs?
[00:29:43] This is another challenge. The third issue is the issue of transparency
[00:29:47] and launching contracts and that the matters
[00:29:50] are completely clear so that the Syrian citizen participates in this
[00:29:54] matter and is informed of all the details.
[00:29:58] In fact, we also have the issue of testing reliable
[00:30:01] suppliers. It is not enough to just know the company name,
[00:30:05] but how it fulfills its obligations and that there is indeed
[00:30:08] a clear legal mechanism.
[00:30:10] In fact, all these issues are part of the challenges
[00:30:14] and even the issue of the banking system itself.
[00:30:18] The sanctions have been lifted. We also have the issue of the SWIFT system,
[00:30:22] but there are still, I believe, some
[00:30:26] constraints that relate to technical
[00:30:28] details. I believe the Central Bank is working on resolving these
[00:30:32] issues. In general, it is a great
[00:30:35] and anticipated step
[00:30:37] that corrects
[00:30:40] and balances with the global energy market
[00:30:43] and establishes