Oil, Gas & Mining
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.
Syria exported 2.37 million tons of phosphate in the first nine months of this year, according to the Ministry of Petroleum and Mineral Resources.
Updated November 21: The consumption of heating oil in Syria jumped last month as the coming winter season is leading a growing number of Syrians to store the product, while attacks on the distribution network are also disrupting supplies.
Total of France has become the latest oil company operating in Syria to acknowledge that it had stopped receiving payments from the Syrian Government for its crude exports.
Assessing the Price of Imported Goods
Damascus Chamber of Commerce
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