Oil, Gas & Mining
The Syrian government has increased the price of gas oil for the fifth time in around one year.
Continuing shortages of oil products in the market have led to the dismissal of the head of Mahrukat only six months after his appointment.
The Syrian government is paying some USD 500 million every month to import oil products, the minister of petroleum and mineral resources said.
The Syrian government has increased by 23 percent the price of gasoline only one week after that of fuel oil.
The government has imposed a fourfold increase in the price of fuel oil in a bid to reduce its subsidies bill.
The Minister of Petroleum and Mineral Resources has confirmed the sharp drop in Syria’s crude oil production.
The Syrian government has provided a new estimate for the losses incurred by its oil sector from the uprising that began two years ago.
Syria has taken delivery of a new shipment of gas oil as it increased its imports of oil products in recent weeks, Reuters reported.
For the first time in years Gulfsands Petroleum derived no revenues from its Syria operations in 2012, the company's chairman said in a note to shareholders.
In the first quarter of this year, sales of key energy products declined by some two-thirds on an annual basis over growing shortages.
Several oil wells that have caught fire near the city of Deir-ez-Zor are causing severe economic and environmental damage, according to the Minister of Oil.
The Minister of Oil has named new executives to chair two joint-ventures firms with international oil companies.
The Minister of Petroleum has said that his government has signed long-term contracts with foreign companies for the supply of oil products to Syria.
Syria has increased the price of gasoline by 18 percent as shortages persist across the country.
Syria’s crude production fell to 153,000 barrels per day in October 2012, according to a report on Syria’s oil sector.
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