Syria: oil sanctions on the horizon

07 July 2011

SYRIAN opposition efforts to cut a big funding lifeline to President Bashar al-Assad’s regime may be about to yield fruit. European buyers of Syria’s Souedie crude are considering a boycott of the heavy oil that can be refined only in the Netherlands, Italy, Spain and France.

Anti-Assad forces have focused on the oil and gas sector as a crucial pressure point for a government that has been starved of its only alternative source of hard currency earnings – tourism – since widespread unrest hit Syria in mid-March.

Ausama Monajed, of the National Initiative for Change, claimed a boycott of oil exports would deprive the government of up to $8 million a day in earnings. “That revenue goes straight to the prime minister’s office making it easy to direct it to military and...



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Latest issue: June 2015

Industry must hold its nerve

THESE are nervous times for the energy industry. The sector has yet to fully find its feet following the collapse of oil’s latest bull run.


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