Oil, Gas & Mining
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.
IPR, an independent American oil company, said that it was continuing its exploration works in Syria.
Oil companies operating in Syria are increasingly worried about the potential impact of the continued political unrest and recent international sanctions on their industry.
Syria has signed three export contracts for the sale of its crude oil and is in negotiations with 50 other companies and traders, Sufian Al-Allao, the Minister of Petroleum said.
The largest shareholder and vice-chairman of Kulczyk Oil Ventures, Jan Kulczyk, has confirmed the suspension of his company’s operations in Syria because of security and financing concerns.
The supply of gas oil at government-sponsored prices is becoming increasingly scarce in various parts of the country, although Damascus remained little affected until now.
Dana Gas has denied it was in talks with the Syrian Government to develop any project in the country.
Gulfsands Petroleum has announced that it has not received payment for its August production, raising fears for the company's prospects as well as for the government's finances.
Loon Lattakia, the Syrian subsidiary of Kulczyk Oil, a Canadian-Polish independent oil company, has announced that it is suspending exploration works in Block 9.
Demand for gas oil rose 11 percent in the first nine months of this year on the back of a 25 percent reduction in its retail price decided earlier this year, data from the Ministry of Oil show.
Gulfsands Petroleum has announced that the Syrian government has asked it to lower its production even further, confirming the difficulties the Syrian authorities still have in the marketing of their oil.
On September 15, the Syrian government raised the price at which it sells fuel oil to private corporations and state entities by 53 percent.
INA Naftaplin, a Croatian oil company, has become the latest firm to announce a reduction in production in its Syrian fields as the government faces difficulties finding buyers for its crude.
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