Dr. Zainab: European companies operating in oil industry, will adhere to the decision of the European Union but will continue to work in the field of exploration

the Syrian Oil Minister Assistant Hassan Zainab expects commitment from European companies operating in oil industry, such as «Shell» and «Total», in the European Union’s decision that recently imposed sanctions on the import of Syrian oil. He stressed that sanctions would be significant on financial, technical levels or in terms of supply of high-tech equipment and software

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He said in a press statement: «These companies will continue to work in the field of exploration, but the problem remains in the export, and we await its final decision with the end of the week». He expressed his fear that Syria imports of derivatives such as diesel oil, gasoline, fuel oil and other imports may be affected as Damascus at least 75 percent of its need in the absence of the ability of local refineries. He expected obstacles of importing oil derivatives to start in the coming period by insurance companies on the global shipments to Syria

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Official figures show that the production of Syria is more than 387 thousand barrels per day, which produces some of them by «General Petroleum Corporation» that reach about 200 thousand. The figures that refineries «Homs» (central of Syria ), and «Banias» (on the coast), are capable of processing about 245 thousand barrels per day, and to reiterate that about four million tons of fuel oil, while consumption was estimated at about 6.5 million tons, and to reiterate that some 80 percent of the country’s gasoline needs.

Energy expert Dr. Ziad Arbash Said in a statement: The impact of European sanctions on the oil sector in Syria is relatively simple, because the international market is open in front of us.

Arbash added : Syria will not be affected by the European and U.S sanctions on oil sector, because the international market is open to Syria’s oil production of, as it can eastward because of our exports of crude oil is linked third-specific, it is possible that some Western companies violating the embargo, noting that Iran was not affected by the sanctions imposed on that side.

The reports showed that Syria relies on about 28 percent of their income on oil revenues, and Europe to buy about 95 percent of its exports.

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