Syrian Petroleum Company denies $110 million embezzlement claims

The Syrian Petroleum Company has issued a clarification denying reports that $110 million has been embezzled from the firm. The company stated that the circulating figure is not a confirmed amount of lost or stolen funds, but rather an initial estimate of potential damage within files that are currently undergoing investigation and auditing.

The company emphasized that final results have not yet been released to determine the actual extent of any damage or assign responsibility. It noted that the contracts being discussed in the media were signed under varying circumstances; some were executed during exceptional and sensitive periods to protect oil fields and facilities in the eastern region, while others were processed through competitive bidding and technical and financial studies.

Furthermore, the company denied that its CEO has been detained or referred for investigation, asserting its full cooperation with regulatory and judicial authorities. It stressed that technical observations or the act of auditing a contract do not constitute proof of corruption or prior conviction.