Syria stops paying Total for oil output
Syrian oil exports at a standstill; Syrian oil makes up less than 1 percent of daily global output
November 19, 2011 1:38 by Reuters
This is a further indication that US and European Union sanctions imposed in response to President Bashar al-Assad’s crackdown on dissent are starting to bite.
Syria’s oil exports worth $400 million a month in total are at a standstill.
“We are not paid by the Syrian government any longer,” a spokesman for Total said, adding the group had observed a slight production fall in the country.
Syrian oil represents less than 1 percent of daily global production but accounts for a vital portion of Syrian government earnings, which Western powers say Assad can use for a bloody military crackdown on the opposition.
Authorities have stopped payment to oil companies towards the end of September, one source with knowledge of the situation said.
The sanctions aimed at crude oil exports have warded off normal buyers of Syrian crude, which mainly flowed to Europe, causing storage tanks to brim and forcing cuts.
Syria produced around 350,000 barrels per day (bpd) before the unrest of which about a third was exported, with most flows going to Europe.
Gulfsands Petroleum, which produces more than 90 percent of its total output from Syria, said on Thursday the Syrian government would resume payments to the company for oil if exports resumed.
In a further sign that foreign interests could be jeopardised, the EU is mulling tougher sanctions on Syria which would make it illegal for international firms to maintain oil and gas investments there.
Total produces 39,000 barrels per day of oil equivalent in the country. (Reporting by Muriel Boselli; editing by Keiron Henderson)
More on GCC
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
-
Alwaleed’s Kingdom on the prowl
-
Qatar Airways now looks to Airbus
-
World’s Longest-Range Passenger Jet
-
Abu Dhabi says financial zone will bridge a gap
-
Five dead from new SARS-like virus in Saudi
-
Emaar boss says “flipping” needs to be controlled
Lately on Kipp
-
Dusting off the Emirates ID card
-
Turkish Airlines Can Ride Out Turbulence
-
Taking on Abercrombie & Fitch
-
Red Hat Expands Technical Account Management Services to Offer SAP® Solution-centric Support
-
R&M’s New CSR Report Highlights Company’s Achievements in Advancing Ecological Efficiency and Social Accountability
-
NCoV – First report of patient-to-nurse spread
































