Oil, Gas & Mining
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.
Syria’s policy on the sale of gas oil, or mazout, is again this year a source of all sorts of rumours and debates as the winter season nears.
Hungary’s MOL, which is a strategic shareholder of INA Naftaplin, a Croatian oil company with assets in Syria, said that operations in its Syrian fields were continuing, calling them illegal.
The Syrian Petroleum Company has denied that it had contracted a Lebanese company for the purchase of drilling equipment and confirmed it was preparing a tender for that purpose.
The Syrian Petroleum Company has contracted with a Lebanese supplier for the delivery of drilling equipment as it attempts to circumvent sanctions imposed by western and Arab countries, according to local press reports.
Suncor Energy has announced that it had written off a significant part of its Syrian assets over the unrest in the country.
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.
Taxation in Syria
Damascus Chamber of Commerce
2nd International Finance Markets Investment Forum 2011
Sheraton Hotel Aleppo