Syrian Oil and Gaz News

Syria offers oil in teeth of sanctions

Syria’s state oil marketer Sytrol has issued a tender to sell two cargoes of crude oil for mid-October loading amid U.S. and EU sanctions, traders said on Monday

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“Today, a tender just came in. Syria is offering one cargo of (Syrian) Light and one cargo of Souedie,” a trader said.

Each cargo carries 80,000 tonnes of oil, they said.

Syria issues monthly tender to sell its crude oil. Tenders were typically sold to European oil companies and trading houses.

But the traders said European companies were unlikely to participate in the latest tender because of the U.S. and EU sanctions.

“It is a bit tricky this time. I will not participate in the tender myself,” one of the traders, who has received an invitation, said.

The European Union, the biggest buyer of Syrian crude oil, banned imports of the country’s oil on Saturday to put economic pressure on President Bashar al-Assad, while allowing fuel sales to Syria to continue.

However, Syrian crude under existing contracts can be still imported to the EU until November 15.