Oil, Gas & Mining
The Syrian government increased last week the price of heating oil by 40 percent, the fourth such rise in less than a year.
The Ministry of Economy has issued two decisions allowing both traders and manufacturers to import gas oil and fuel oil in a bid to alleviate shortages in the local market.
A tripartite meeting between the ministers of energy of Syria, Iran and Iraq will be held this month in Baghdad to follow up works on the Islamic gas pipeline linking the three countries, the Iranian Minister of Oil said.
A delegation from the Syrian government is in Ukraine negotiating a contract for the export of phosphate.
Syria has received a shipment of 13,000 tons of gas oil - mazout - and is expecting further supplies from “friendly” countries.
International sanctions, attacks on pipelines and the suspension of works at the refinery of Banias have reduced significantly the supplies of heating oil in Syria leading to a surge in its price in the black market.
Kulczyk Oil, an independent oil company, declared last summer force majeure on its operations in Syria.
Syrian rebels have taken a number of oil fields in the region of Deir-ez-Zor in the last few weeks, risking a disruption of supplies in the large urban centres of the west of the country.
The Syrian government increased last week by 10 percent the price of gasoline, a measure that will help it raise revenues.
Iran has begun the construction of a USD 3 billion pipeline that will link Iranian gas fields with Iraq, Syria and Lebanon, an Iranian official has said.
The consumption of oil products in the local market fell between 12 and 27 percent in the first eight months of this year, according to Mahrukat, the state body in charge of their distribution.
Iraq has been providing Syria with fuel oil on a regular basis since the beginning of this summer, although volumes remain limited, the Financial Times reported.
Syria is set to start exporting 33,000 barrels of crude oil a day to Russia, according to the prime minister.
Syria imports half of its demand for oil products from friendly countries it will not name, its Prime Minister said.
Mahrukat, the state entity in charge of the distribution of energy products, began yesterday selling heating oil to Syrian families under a scheme adopted by the government lately.
Tax Revision Committees
Damascus Chamber of Commerce
2nd International Finance Markets Investment Forum 2011
Sheraton Hotel Aleppo