Oil, Gas & Mining
Iran and Syria formalised last week an agreement for the disbursement of some USD 3.6 billion of Iranian funds to Damascus that will be used to purchase oil products.
Iran and Syria have signed a framework agreement for the transport of Iranian gas through Iraqi territory and onto Syria.
Syria’s oil and gas industry has lost more than USD 13 billion in the last two years, according to the Ministry of Oil.
Syria’s exports of phosphate in the first six months of this year were well below historic averages, according to official statistics.
The refinery of Banias on the Syrian coast is operating again after a month of maintenance work, according to Syrian officials.
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.
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