Oil, Gas & Mining
Syria has issued a tender inviting international companies to use spare capacity at its two refineries in Homs and Banias.
Production in Syria’s most important gas fields is unaffected by the recent onslaught of ISIS on Palmyra, the Syrian Minister of Oil said.
The Syrian government lost today control of two important gas fields near Palmyra, according to a monitoring group.
Syria has been increasing its oil imports from Iran recently, according to IEA data.
Syria’s production of crude oil averaged 9,500 barrels a day in the first quarter of this year, according to official data.
The prices of gasoline and fuel oil have been increased again in Syria on the back of rising global prices and a falling currency.
In one year, the losses of Syria’s oil sector increased an additional 40 percent, according to data from the Minister of Petroleum.
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.
Damascus International Fairground
Damascus Chamber of Commerce