Oil, Gas & Mining
Russia’s Tatneft has become the latest oil company to announce the suspension of its operations in Syria.
The latest bombing of the pipeline carrying Egyptian gas to both Israel and Jordan has caused a suspension of supplies to Syria, according to the Minister of Oil, Sufian Al-Allao.
The Syrian Government has increased by 13 percent the retail price of gasoline.
The disruption of its Syrian operations has forced INA Nafte, a Croatian oil company, to demand the suspension of trading on its shares in the London and Zagreb stock exchanges.
Gulfsands Petroleum has announced that it was continuing exploration works in Syria only a few days after announcing its suspension of production activity.
Canada has announced a new round of sanctions on Syria, becoming the first western country to ban all imports, except food, from Damascus.
Kulczyk Oil Ventures has announced that the initial exploration period for Block 9 has been extended 11 months by the Syrian Government.
Suncor Energy and Gulfsands Petroleum have announced that they were suspending their operations in Syria in light of the latest sanctions announced by the European Union.
Total of France has stopped oil production in Syria in compliance with recent EU sanctions as a growing number of international companies operating in the country are considering taking similar steps.
Royal Dutch Shell is pulling out of Syria after the European Union sanctioned Al-Furat Petroleum Company, the joint-venture firm through which the Dutch company is extracting oil in the country.
The Ministry of Petroleum is beginning to find new buyers for its crude after an embargo imposed this summer by the EU forced it to scale back output by a third.
Russia’s Stroytransgaz has announced that it had signed an extension and amendment agreement on the North and South Middle Area Gas Development project.
The Ministry of Petroleum and Mineral Resources has published its list of fees for the extraction of salt in the country.
Syria produced an average of 378,091 barrels of crude oil per day in the first nine months of the year, according to the Ministry of Oil, as international sanctions led to a reduction in output in the third quarter.
The cost of subsidizing oil products by the Government amounted to SYP 181 billion, or USD 3.62 billion, in the first nine months of this year, according to the Ministry of Oil.
Damascus International Fairground
Damascus Chamber of Commerce