Oil, Gas & Mining
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.
The Syrian Government has increased by 33 percent the price of heating oil, a few weeks only before the beginning of winter.
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.
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.
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.
Damascus International Fairground
Damascus Chamber of Commerce