Oil, Gas & Mining
The fighting between government forces and ISIS in the area of Palmyra is continuing to disrupt oil and gas production and distribution.
Syria increased again yesterday the price of gasoline, fuel oil and kerosene for the second time in forty five days.
The Syrian government lost last week to ISIS the control of its phosphate mines, a rare source of currency earnings.
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.
Syria’s oil output continued to decline last year 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.
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