Acwa denies involvement in oil, gas exploration in Syria

Acwa, formerly known as ACWA Power, said oil and gas exploration does not fall within its business portfolio, as outlined in its official disclosures, reflecting its focus on renewable energy, desalinated water, green hydrogen, and related infrastructure.

 

In a statement, the company said its recently announced joint development agreement in Syria is limited exclusively to studies related to water desalination and water transmission and does not involve oil or gas exploration or production in any form.

 

Acwa added that it will continue to focus on executing projects within its existing energy and water portfolio in line with the guidance of relevant authorities in the countries where it operates.

 

Reuters reported on Monday that two Saudi companies, including Acwa, and three US-based companies would form a consortium to explore and produce oil and gas in northeastern Syria.

 

Acwa noted that its consortium with Saudi Arabia’s Water Transmission Co. (WTCO) signed a joint development agreement with Syria’s Ministry of Energy last Saturday to launch preliminary studies supporting the assessment and development of seawater desalination and water transmission projects in the country.