After withdrawal, Trump shifts focus to Syria’s oil fields
October 26, 2019, 8:46 am

After withdrawal, Trump shifts focus to Syria’s oil fields

In this frame grab from video provided by Hawar News, ANHA, the Kurdish news agency, residents who are angry over the U.S. withdrawal from Syria hurl potatoes at American military vehicles in the town of Qamishli, northern Syria, Monday, Oct. 21, 2019. Defense Secretary Mark Esper said Monday in Afghanistan that U.S. troops will stay in eastern Turkey to protect Kurdish-held oil fields for at least the coming weeks and that he was discussing options to keep them there.

WASHINGTON (AP) — As Russian and Turkish leaders divvy up security roles in northeast Syria following an abrupt U.S. troop withdrawal, President Donald Trump is focused on oil fields elsewhere in the war-torn country.

Trump spurred a fresh wave of criticism Thursday with a tweet noting that he had spoken with Syrian Kurdish military chief Mazloum Abdi and observing that perhaps “it is time for Kurds to start heading to the Oil Region,” an apparent reference to oil fields in Deir el-Zour province of Syria. That’s an area that U.S. military commanders see as critical to holding off an Islamic State resurgence in the region.

But even as Trump heralded his move to pull nearly all U.S. troops out of what he derided as the “blood-stained sands” of Syria, he’s repeatedly referred to the country’s oil fields as prized land that he’s intent on protecting.

“We’ve secured the oil, and, therefore, a small number of U.S. troops will remain in the area where they have the oil,” Trump said Wednesday while discussing the pullout of all but 200 to 300 U.S. troops in Syria. “And we’re going to be protecting it, and we’ll be deciding what we’re going to do with it in the future.”

White House officials did not respond to requests for greater clarity about Trump’s tweet suggesting Kurds head to the oil region.

The Pentagon released a statement Thursday saying it is committed to sending additional military forces to eastern Syria to “reinforce” control of the oil fields and prevent them from “falling back to into the hands of ISIS or other destabilizing actors.”

No details were provided on how many or what kind of forces would be sent, or whether decisions on those details have been made.

Trump’s decision to withdraw the bulk of roughly 1,000 American troops from Syria drew bipartisan condemnation. The decision came after Turkish President Recep Tayyip Erdogan told Trump earlier this month that he intended to carry out an operation to clear the Turkey-Syria border of Kurdish fighters who fought side-by-side with U.S. troops in beating back IS fighters in northeast Syria.

The Republican president’s comments this week raised fresh concerns that he has an incomplete understanding, or is indifferent to, the fragile dynamics of the region, his critics say.

“The President of the United States of America appears to be calling for a mass migration of Kurds to the desert where they can resettle atop a tiny oil field,” Brett McGurk, Trump’s former special envoy to the global coalition to defeat IS, wrote on Twitter.

But the idea of keeping troops in eastern Syria to guard the oil fields resonated with Trump and presented military commanders with a way to keep at least a residual force inside the country. Besides a presence near the oil fields in eastern Syria, some U.S. forces will remain in southern Syria.

Defense Secretary Mark Esper said that the main goal of the American troop presence is to make sure the Islamic State is contained and unable to gain control of the oil fields and the revenue they generate. The administration also sees some benefit to Kurds being in control of the oil, according to a senior administration official, who briefed reporters on the administration’s deliberations on the Syria withdrawal.

“The Oil Fields discussed in my speech on Turkey/Kurds yesterday were held by ISIS until the United States took them over with the help of the Kurds,” Trump said in another tweet Thursday. “We will NEVER let a reconstituted ISIS have those fields!”

Eastern Syria is the center for what remains of Syria’s oil industry, which although in shambles, remains one of the main sources of revenues for the Kurdish-led administration there.

The Kurdish forces seized control of small oil fields in northeastern Hassakeh province after the government pulled out of most of the Kurdish-majority regions in 2012 to fight rebels elsewhere.

After expelling Islamic State militants from southeastern Syria in 2018, the Kurds seized control of the more profitable oil fields in Deir el-Zour province.

A quiet arrangement has existed between the Kurds and the Syrian government, whereby Damascus buys the surplus through middlemen in a profitable smuggling operation that has continued despite political differences. The Kurdish-led administration sells crude oil to private refiners, who use primitive homemade refineries to process fuel and diesel and sell it back to the administration.

The oil was expected to be a bargaining chip for the Kurds to negotiate a deal with the Syrian government, which unsuccessfully tried to reach the oil fields to retake them from IS. With Trump saying he plans to keep forces to secure the oil, it seems the oil will continue to be used for leverage— with Moscow and Damascus.

Before the war, Syria produced around 350,000 barrels per day, exporting more than half of it. Most of that oil came from eastern Syria. Foreign companies, including Total, Shell, and Conoco, all left Syria after the war began more than eight years ago.

Sen. Lindsey Graham, R-S.C., said after meeting with Trump on Thursday that he urged him to stay engaged in Syria.

“If you can find a way to secure the oil fields from Iran and ISIS, that’s in our national security interest,” Graham said.

source:AP

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.