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Iran's support for Syria tested by oil price drop
(MENAFN- Saudi Press Agency) Syrian businessmen and trade officials say they are worried the economic lifeline provided by Iran is under strain from plunging oil prices, despite public messages of support from Syria's strongest regional ally, Reuters reported.
Syrian has relied on oil-producing Iran to help him fight insurgents in a nearly four-year-old civil war and also prop up a currency under pressure.
Oil production in Syria has dropped sharply since the start of the conflict and as insurgents have taken over energy installations.
In July last year, Iran granted Syria a $3.6 billion credit facility to buy oil products, according to officials and bankers at the time. Another $1 billion went for non-oil products.
Syrian has relied on oil-producing Iran to help him fight insurgents in a nearly four-year-old civil war and also prop up a currency under pressure.
Oil production in Syria has dropped sharply since the start of the conflict and as insurgents have taken over energy installations.
In July last year, Iran granted Syria a $3.6 billion credit facility to buy oil products, according to officials and bankers at the time. Another $1 billion went for non-oil products.
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