GPC: European ban doesn’t include old investment

An official source at the General Petroleum Corporation said that the decision to ban oil investments would cover only new investments of international oil companies, and may not include old investments, saying that the new sanctions will affect the strategic interests of European companies interested in investing in the Syrian coast as the biggest beneficiary of the discoveries of future oil in the Mediterranean .


The new European sanctions went into effect and included the prohibition of new foreign investments in the oil sector, and before that the EU – which buys Syrian oil exports all about – ban the Syrian oil imports, but still allow the export of fuel to Syria.

The source added: that the ban will have negatively impact on European investors and their companies and their interests and that European companies lose great opportunities so if they decide to get out of Syria, saying at the same time that the oil industry will not suffer as a result of tight Western sanctions as long as it is able to meet the local needs of the energy .

The Director-General of the General Petroleum Syrian Corporation Eng. Ali Abbas said in an earlier statement that the exit of European companies from country will have negative affect on them , these companies will lose and did not compensate pointed out that Shell and Total will not be happy in the case of they were pushed to get out of Syria in particular that their investments , operations and revenues and their experts, their presence in the country to achieve the conditions of investment in return Syria achieved interests of their presence and any defects will annoy both sides in the future ..

organizers of the oil sector currently looking for buyers for some 110 thousand to 150 thousand barrels per day of crude was exported to about 95% to Europe and hopes the largest producer of oil in the world, Russia and China, to buy some of the major importer.

large Chinese with enormous oil and gas companies work with potential supplies are a key element in China’s oil and gas industry operating in the Syrian drilling fields and production units, pumps, pipes and packaging tubes, .

New oil strategy at the current stage go towards improving the performance through terms of negotiation with companies to attract investment and drop bureaucratic and communication with the East, both Russia or China or East Asian countries and open markets for multinational companies to maintain the stability, competitiveness and sustainability of activity away from any international outside pressure.

the production of crude oil amounted last year to 385 thousand barrels per day, or about 0.5 percent of global production of reserves estimated at 2.5 billion barrels, the end of 2010, or about 0.2% of world reserves,

most of known oil reserves are at east of the country near the border with Iraq and there are some small fields in the center of the country, and SPC has worked past two years to open new fields to compensate for the depletion of oil and there is now two oil refineries and three oil terminals along the production of large quantities of natural gas reached 7.8 billion cubic meters in 2010, ie 0.2% of the total world production.

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