DAMASCUS, Sept. 11 (Xinhua) -- Syria will receive 1.65 million barrels of crude oil under a memorandum of understanding signed Thursday between its energy authorities and the Saudi Fund for Development, state news agency SANA reported.

According to the Saudi Fund for Development, the agreement was signed in Damascus by its CEO Sultan Abdulrahman Al-Marshad and Syrian energy chief Mohammed al-Bashir.

The grant, directed by Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman, is intended to boost the operation of Syrian refineries, promote financial and operational sustainability, and help revive key economic sectors.

The Saudi Fund for Development said the initiative reflects Riyadh's commitment to improving living conditions for the "brotherly Syrian people" as part of the close relations between the two countries. ■