Allaw: lower oil prices led to the reluctance of oil companies from investing in Syria

Eng.Sufian Allaw Minister of oil and Mineral Resources said that the decline in global oil prices led to the reluctance of oil companies from investing in Syrian fields, pointing out that his ministry has a somewhat different view on the outlook of the Ministry of Finance about the decline in oil prices.

Allaw said in a press statement “the three international companies fell in the signing of five decades because of the global financial crisis is a Petro-Canada, a British company, and another Australian company, adding that Noor Kuwaiti company has also signed a contract to establish an oil refinery.”

 
Oil prices late last year declined significantly affected by the global financial crisis, as the price of a barrel to the lowest level in last December, at 30 dollars, despite the high price of a barrel of oil recently, however, remained low more than 53% of the highest level ever of more from 147 dollars a barrel hit in mid-July.

 
Allaw said that his ministry was “considering the decline in global oil prices may look different to the view that positive consideration by the Ministry of Finance to the subject,” noting that “lower oil prices to the extent that causes the reluctance of oil companies and foreign investment.”

 
Oil ministry is worried that the continuing decline in oil prices to levels that might end the whole investment in oil sector, while the Ministry of Finance believes that the decline in oil prices had returned a positive on Syria as a net importer of oil rather than exporting it.

 
Allaw said, “The reluctance of companies to reduce the supply of investment compared to growth in demand for oil which will give us years after the great shock to the price.”

 
The prices of oil in June to its highest level in 8 months as oil prices exceeded $ 73 barriers.