Oil, Gas & Mining
In a statement, the Ministry of Petroleum has denied carrying oil trade with the Islamic State.
Syria’s oil output continued to decline last as production now stands at some 2.5 percent of its pre-uprising level.
Soyuzneftegaz, the Russian oil company, has established a representative office in Damascus to begin exploring the country’s offshore waters.
Afek, an Israeli oil company, has started preparation works to begin drilling within two weeks in Syria’s Golan Heights, which have been occupied by the Zionist state since 1967.
Except for use by local transport companies and bakeries, as well as for heating purposes, all oil products are now sold at market price in Syria.
The Syrian government has liberalised the price of gas oil for one additional category of users, creating more confusion in the market.
A ban on exports of jet fuel to Syria entered into force last week some to months after its approval by the European Council.
In an unprecedented move, the Syrian Government has offered to use its two refineries to process crude oil for private investors, as it seeks to meet rising shortages of oil products.
Syria’s Kurdish regions are producing an average of 40,000 barrels of crude oil per day, according to a report in the Wall Street Journal.
Operations are steadily resuming at gas fields and processing plants located in central parts of Syria after government forces took them back from ISIS.
Data from the Ministry of Petroleum seem to indicate that Syria’s imports of oil products stood at around 124,600 barrels per day during the first nine months of the year.
In the last week, ISIS has overran two major gas fields and installations that prior to the uprising were operated by western companies.
The Syrian government has raised to world market levels the price of gas oil and fuel oil sold to manufacturers, effectively ending all subsidies on this segment of the market.
Syria’s oil output this year is forecast at 30,000 barrels of oil per day.
The Government has allowed the private sector to import gas oil and fuel oil for the benefit of manufacturing companies as it seeks to alleviate shortages in the market.
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