Oil, Gas & Mining
The difficulty to find reinsurers and to receive a sovereign guarantee for the shipment of Syrian crude is halting plans by Indian companies to import oil from Syria, according to Reuters.
INA has formally stopped its operations in Syria, a decision that was awaited following last week’s announcement by the company that it was reviewing its options in the country after the imposition of sanctions by the Croatian Government.
Croatia’s INA Naftaplin has announced that it was reviewing the situation of its investment in central gas fields in Syria after the decision of the Croatian Government to impose sanctions on the country’s oil sector.
Updated February 15: Syria raised the prices of petroleum coke and kerosene sold in the local market as well as that of fertilisers.
A bomb blast hit on Wednesday morning a 12” pipeline supplying gas oil to Damascus, an attack attributed by SANA, the official Syrian news agency, to “an armed terrorist group,” and by an opposition group to misfiring by the Syrian army.
INA Naftaplin has announced that it had withdrawn almost all its foreign staff from Syria and left operations in its oil and gas fields near Palmyra in the hands of local staff.
Works on the expansion of LPG storage capacity in the coastal city of Banias have been completed and were commissioned by the Ministry of Petroleum on Saturday.
Updated February 6: Gulfsands Petroleum has said that drilling operations in the Khurbet East 102 well had encountered oil and gas with total recoverable reserves estimated at around 19.2 million barrels of oil equivalent and that it would now stop all activities in Syria.
A bomb blast targeted this morning a 24” gas pipeline supplying the power plant of Banias, according to the Syrian news agency, SANA.
The Syrian authorities are preparing to raise again the price of heating oil, less than a year after they decided to reduce it, a decision that is likely to create discontent among the population but reflects the deteriorating situation of the Government’s finances.
The Syrian Government has announced an increase of 60 percent in the price of cooking gas as shortages of energy products recently reduced across the country.
Croatia’s INA Naftaplin has denied press reports that its mother company, MOL, was considering the sale of the company’s assets in Syria.
Syria has lost an estimated USD 2 billion from the embargo on oil exports imposed by the European Union and other western countries, according to the Minister of Oil.
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.
Damascus International Fairground
6th Damascus Insurance Forum
Four Seasons Hotel