J.P. Morgan reportedly facilitates Syrian deal for Saudi oil products
JPM•J.P. Morgan reportedly helped Syria issue its first letter of credit in more than a decade, enabling a commercial fuel-products agreement with Saudi Aramco. Syria has received 65,000 metric tons of diesel under the deal.
1. Letter of credit
J.P. Morgan helped Syria issue its first letter of credit in more than a decade, enabling a commercial agreement this month for fuel products from Saudi Aramco. Mohammad Qawja, a financial affairs executive at the Syrian Petroleum Company, said the bank confirmed the letter of credit and guaranteed its execution.
2. Diesel shipment
The Syrian Petroleum Company has received 65,000 metric tons of diesel and hopes future shipments could include gasoline and, later, light crude oil. Qawja said the letter of credit provides greater flexibility in managing payment obligations and helps secure fuel supplies for the domestic market.
