Oil, Gas & Mining
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.
The Syrian Government has increased by 33 percent the price of heating oil, a few weeks only before the beginning of winter.
The Syrian authorities are starting to plan the distribution of heating oil to the population for the upcoming winter, as supplies are likely to be below previous years.
An Israeli oil company has received a permit to begin drilling wells in Syria’s Golan Heights, which has been occupied by the Zionist state since 1967.
The UN Security Council issued last week a presidential statement condemning all purchases of oil originating from Syria and Iraq by two radical Islamic organisations.
A gas plant with a daily output of 1.2 million cubic metres will come on stream within weeks, adding much needed supplies to Syria’s gas and electricity networks.
Syria’s production of phosphate, a rare source of foreign currency earnings for the Government, continued to decline in the first half of this year.
The Islamic State last week attacked and took control of a major gas field in central Syria that is part of assets owned by Canada’s Suncor Energy.
Most oil fields located around the city of Deir-ez-Zor have fallen under the control of the Islamic State, according to a monitoring group.
Syria’s natural gas output has declined to around half its pre-uprising level, according to data from the Minister of Petroleum.
A gas plant in Deir-ez-Zor has been attacked removing another important volume of supplies from the market.
Soyuzneftegaz, a Russian oil and gas company, is raising its involvement in Syria’s energy sector by increasing its stake in an oil company that has sizeable assets in the country.
The Syrian Government has increased the price of gasoline by 20 percent as demand for oil products declined in the first quarter of this year.
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