Entity

The Original Syrian Petroleum Company (1974)

The original Syrian Petroleum Company (SPC) was established in 1974 as a state-owned oil exploration and production (upstream) company. This is the entity whose website you referenced at spc.com.sy. It focused on upstream activities including operating oil fields in Al-Hasakah Governorate (Al-Houla, Shadada, Jbeissa, Sweidiya, Rumailan, and Al-Omar) and produced about 55% of Syria's total oil output as of March 2011.

In 2009, the General Petroleum Corporation (GPC) was created as an oversight body that managed the strategy of the upstream Syrian Petroleum Company (1974) and other upstream entities. The original SPC became a subsidiary under GPC.

The New Syrian Petroleum Company (2025)

Presidential Decree No. 189/198 of 2025 established a new Syrian Petroleum Company (also abbreviated SPC) in October 2025 as a public holding company that replaced and absorbed both the General Petroleum Corporation (which included the original 1974 SPC as a subsidiary) and the General Refining Corporation along with all their subsidiaries including the Baniyas Oil Company.

So technically, the old 1974 upstream SPC has been merged into the new 2025 integrated SPC holding company structure. The new entity inherited all rights, obligations, assets, and operations from its predecessors. Whether the original upstream operations continue under the "Syrian Petroleum Company" name as a subsidiary or have been fully integrated into the new holding company structure is not yet clear from available public information.

Former Baniyas Oil Company

Baniyas Oil Company was a Syrian state-owned refining enterprise that operated the Baniyas refinery, Syria's largest petroleum refining facility with a nameplate capacity of 120,000-130,000 barrels per day. The company provided production management, process and oil management, power management, and transportation of refined petroleum products including gasoline, diesel, fuel oil, LPG, kerosene, bitumen, and sulfur to domestic and potentially export markets. 

The company, headquartered in Tartus governorate, was established to manage the refinery complex commissioned in 1975, which was originally constructed by Romania's Industrial Import Export Company. Historically, Baniyas Oil Company operated under the General Organization for Refining and Distribution of Petroleum Products (GORDPP), which oversaw Syria's downstream oil sector and managed both the Baniyas and Homs refinery companies.

References

1. MEED. Nov 10, 2013. Syrian Petroleum Company
2. Wikipedia (Last edited: Mar 29, 2025). Syrian Petroleum Company
3. Enab Baladi. Oct 3, 2025. Al-Sharaa establishes the Syrian Petroleum Company
4. The Syria Report. Oct 7, 2025. Presidential Decree Centralises Syria’s Oil and Gas Sector
5. Tesaa World. D. Barkat. Oct 2, 2025. The President issues a decree to establish the "Syrian Petroleum Company" as a pioneering arm for the oil and gas sector
6. sana. Fedaa and Mazen. Oct 2, 2025. Presidential decree to establish Syrian Petroleum company (SPC)
7. Offshore Technology. Oct 27, 2021. Banias Refinery, Syria
8. SUNIR Group. S.A. M. Baniyas Refinery Equipment Supply Project, Symbol of Sunir continued presence in the Syrian strategic market
9. The Syria Report. Jul 27, 2024. Banias Refinery Company
10. Wikipedia (Last edited: Oct 27, 2025). Baniyas Refinery
11. eia (Last Updated: Jun 24, 2015). Country Review: Syria