Oil, Gas & Mining
The Minister of Petroleum, Said Huneidi, has appointed a new chairman for Al-Furat Petroleum Company.
There is no structural solution to the domestic gas shortages facing the country as long as sanctions are in place, Qadri Jamil, the new deputy Prime Minister in charge of domestic trade and consumer production said, blaming “sons of b…” for the hike in prices.
A shipment of Iranian fuel reached the Syrian port of Banias at the end of last week, according to local media reports.
The General Fertilizers Company, a state-owned company, made profits of SYP 2.5 billion last year, while its production of urea was at its highest ever, according its General Manager, JamalEddin Al-Abed.
Shortages in the market have pushed the government to authorize private sector manufacturers to import gas and to the establishment of a company for that purpose.
The Ministry of Economy has reduced the average weight of a cooking gas cylinder to 10 kg but kept its price unchanged, in effect increasing its cost by some 16 percent, as it battles with continuous shortages.
Syria received 35,000 tons of diesel from Venezuela last week, one of several deliveries of energy products it expects to receive in the coming weeks to alleviate shortages in the country, its Minister of Oil said.
The estimated cost of the oil export sanctions imposed by the west on Syria has risen to USD 4 billion, according to Sufian Al-Allao, Minister of Oil.
Syria is facing a renewed cooking gas shortage due, according to the Minister of Petroleum, to EU sanctions on the industry.
Following the publication on April 16 of our article American Oil Firm Says to Continue Operations in Syria, we have received the following letter from the company.
The Syrian Ministry of Oil has re-evaluated its estimate of the country’s loss from the sanctions imposed by western countries on the oil sector at around USD 3 billion.
The Ministry of Petroleum and Mineral Resources has licensed a Turkish company for the construction of a refinery and the development of asphalt resources.
The Syrian Investment Agency has awarded a license to a Hungarian company to develop a salt mine in the eastern region of the country.
The General Petroleum Corporation is among 47 international companies prequalified to participate in Iraq’s next bidding round to be held at the end of May.
Note from the editor: Originally published on April 16, 2012, this story has been denied by the company. Link to the letter from the company at the bottom of this story.
2nd International Finance Markets Investment Forum 2011
Sheraton Hotel Aleppo
Damascus International Fairground