Oil, Gas & Mining
Russian oil engineering companies are reportedly already active in Syria as the Syrian President said that new contracts would be granted to them.
The Syrian government has raised markedly the price of gas oil sold to all commercial concerns and announced a doubling of its oil import deals.
The Syrian Petroleum Company has extended the deadline for a tender to conduct seismic survey in an area north of Damascus as previous bidding rounds failed to attract companies.
Repair and maintenance works in the Hayan field by the Ministry of Petroleum highlight how the government is trying to capitalize on its recent gains in the central area to increase oil supplies.
Syrian manufacturers that are able to pay in foreign currency will be given priority when buying oil products, a rare instance of the government encouraging the use of the dollar in the domestic market.
A recent law regulating investment in quarries will increase state revenues from the sector fifteenfold, according to a government official.
An attack on Syria’s last standing gas processing plant temporarily shut down most electricity production across the country, highlighting the extreme weakness of the country’s energy infrastructure.
As new deliveries of oil products have reduced supply bottlenecks across Syria, a government committee met last week to assess the situation of the local energy market.
The Syrian President has issued a law aiming at clamping down more severely on illegal quarries and raising government revenues from them.
Oil supplies are resuming across Syria after weeks of severe shortages, although the economic and political consequences will likely be felt for a long time.
The suspension of Iranian supplies of oil products is forcing the Syrian government to import large volumes from other countries and to open import trade to the private sector as severe shortages impact most of the country.
Syria remained largely dependent on Iran for its oil imports last year, a statement by a government official indicates.
Afek Oil & Gas, an Israeli oil company, will resume exploration works in the occupied Golan Heights at the beginning of March.
ISIS blew up this week a large gas processing plant near Palmyra, sending a clear warning on what it could do to other economic assets under its control in Syria’s east.
Syria’s imports of fuel oil doubled last year to compensate for the decline in the supply of natural gas to the country’s power plants.
SME Support Fund
Damascus Chamber of Commerce
Damascus International Fairground