Syria

Iran and Syria Sign $3.6 Billion Oil Product Deal

Latest sign of support

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(Reuters) – Syria and Iran signed a deal this week to activate a $3.6 billion credit facility to buy oil products to shore up President Bashar al-Assad's war battered economy, officials and bankers said on Wednesday.

The deal, which was agreed in May and will allow Iran to acquire equity stakes in investments in Syria, is part of Shi'ite Iran's broader support for Assad in his battle against a two-year insurgency by mainly Sunni rebels.

Tehran has already provided military assistance to Assad, training his forces and advising on military strategy. Iranian-backed Hezbollah fighters have also bolstered counter-offensives against rebels around Homs and Damascus.