Syria’s $7B power revival lures Siemens and GE Vernova after sanctions lift
Syria, following the ousting of Bashar al-Assad and the lifting of U.S. sanctions, is pursuing a strategic realignment. Central to this is a $7 billion project to rebuild its power sector, which could see both Siemens Energy and GE Vernova secure contracts. The project aims to construct four combined-cycle gas turbine power plants, with a total capacity of 4,000 megawatts, also including a 1,000-megawatt solar component.
Syria's energy infrastructure, devastated by a 14-year civil war, currently produces only a fraction of the electricity the country needs. The rebuilding project presents a significant opportunity for Siemens Energy and GE Vernova to establish a foothold in a market with substantial reconstruction demand. Both companies are in talks to supply gas turbines for the project, though no final agreements have been reached yet. No specific timeline has been given for the signing of contracts for the supply of gas turbines by Siemens Energy. If a successful deal is struck, it would make both companies the first Western entities to benefit from Syria’s energy sector reconstruction.
Syria's power sector rebuilding project, with its substantial scale and potential, is drawing interest from major players like Siemens Energy and GE Vernova. Despite ongoing negotiations, no final agreements have been reached yet. The project, including a significant solar component, aims to significantly boost Syria's electricity production, addressing a critical need in the war-torn country.
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