Syria and an international consortium of companies signed an agreement and memorandum of understanding worth $7 billion in the energy sector. The agreement allows for the generation of 5,000 megawatts of electricity through four gas-powered plants.

The signing ceremony was attended by Syrian President Ahmed Al-Sharrah and Washington’s envoy to Damascus, Thomas Barrack.

In his speech, Syrian Minister of Energy Mohammed Al-Bashir said, “Today we are living a historic moment that marks a turning point in Syria’s energy and electricity sector to rebuild the deteriorated infrastructure in this vital sector.”

He added, “This memorandum consolidates regional cooperation and integration in the energy sector and helps us promote clean and renewable energy projects.”

Al-Bashir explained that “the investment value is $7 billion and will contribute to generating 5,000 megawatts, which will increase electricity supply hours and positively impact all aspects of life.”