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Syria has lost an estimated USD 2 billion from the embargo on oil exports imposed by the European Union and other western countries, according to the Minister of Oil.


The English transcript of the interview of Syrian President Bashar Al-Assad with Russian TV in 2011.

The translation is by Syria’s state-news agency, SANA.

DAMASCUS, (SANA) – In an interview with Russia's Rossiya 1 TV channel on Sunday, President Bashar Al-Assad discussed developments in Syria and the region, Syria's efforts to emerge from the crisis, the dangers and repercussions of any aggression against Syria or interference in its internal affairs, relations with Russia, and western sanctions.


The Syrian President has recalled four ambassadors, including Imad Mustafa, Ambassador to Washington.


Suncor Energy and Gulfsands Petroleum have announced that they were suspending their operations in Syria in light of the latest sanctions announced by the European Union.


Royal Dutch Shell is pulling out of Syria after the European Union sanctioned Al-Furat Petroleum Company, the joint-venture firm through which the Dutch company is extracting oil in the country.


The Ministry of Petroleum is beginning to find new buyers for its crude after an embargo imposed this summer by the EU forced it to scale back output by a third.


Interview with The Sunday Times on November 20, 2011. 


Drilling of oil and all related services


The Governor of the Central Bank has said that Syria was willing to use the Russian Ruble in international transactions should a ban on the Euro be imposed by the European Union.


The Syrian government has announced that it is rescheduling the debts of farmers and manufacturers that had contracted loans with state-owned banks in a bid to ease the financial pressures on them. 


Great Wall Drilling Company, a subsidiary of CNPC, the Chinese oil giant, is suspending operations in Syria because of the political unrest, according to Chinese media.


There are currently just under two dozen international companies operating in the Syrian oil industry from the exploration and production sectors to related services. The companies are listed below.


There are currently just under two dozen international companies operating in the Syrian oil industry from the exploration and production sectors to related services. The companies are listed below.


A new round of sanctions announced last week on Syrian corporations and individuals, as well as hints that western countries may move against Syria’s oil industry, raise questions as to the impact these measures may have on the economy and the manner in which the regime is handling the country's popular revolt.


Over the course of the last eight days, the international community has grown markedly united in its condemnation of the Syrian government's use of force to quell the country's deepening revolutionary movement.


Gulfsands Petroleum has announced that a new well in its Khurbet east find tested at a flow rate of 5,516 barrels of oil per day as the company commissioned a new production facility.


The first week of Ramadan proved to be a violent one, as over the course of the last seven days, more than 250 civilians were reportedly killed in military crackdowns across the country.


Syria’s production of crude oil remained stable in the first half of this year at 387,250 barrels a day, an increase of 957 barrels a day compared with the same period of last year, according to the Ministry of Petroleum.


The Public Establishment for Electricity Generation and Transmission is seeking a consultancy to oversee the design and execution of a steam power plant near Aleppo.


The inconclusive finish of the staging meetings of the government-led national dialogue, followed by attacks against the US and French embassies in Damascus on July 11, kicked off another tumultuous week in Syria.


The week of June 27 marked a sea change for the Syrian protest movement. At the start of the week, 190 opposition members met for the first time in public in Damascus. In response to the meeting, Syrian President Bashar al-Assad set July 10, 2011 as the start date for national dialogue.


On June 20, President Bashar al-Assad made an address to the nation that highlighted the severity of the country's economic crisis and blamed recent unrest on conspirators.


Extreme violence on Friday June 3 during after prayers protestors resulted in the deaths of at least 63. The worst of the unrest occurred in Hama, where over forty were reportedly killed.


Gulfsands Petroleum said it had failed to find oil in commercially viable quantities in the Abu Ghazal-1 well and that it was stopping works there.


An estimated 12 people died in unrest on Friday May 27, while harsh criticisms and strong calls for reform from neighboring Turkey have yet to hold sway with the Syrian government, and the international community continues in its struggle to come to a firm consensus on the most appropriate response to the turmoil in Syria.


The Syrian Investment Agency (SIA) said that it had licensed 96 investment applications across the country in the first quarter of this year, a year-on-year decrease of 8.5 percent.


A Dutch Christian organization, IKV Pax Christi, has called on Royal Dutch Shell to suspend its activities in Syria and organized a demonstration at the company’s annual meeting.


Conflicting narratives abound in Syria, as the government and those participating in the unrest across the country endeavor to shape how Syrians and the outside world interpret the country's tumult.


Gulfsands Petroleum said that it made a new discovery in Block 26 as output from existing fields stood at an average of 20,700 barrels of oil a day.


Al-Furat Petroleum Company, a joint-venture between the Syrian Government and Royal Dutch Shell, lifted 92,000 barrels of crude oil a day in the first quarter of this year.


For the first time in five weeks, President Bashar al-Assad offered no concessions the day before Friday's planned mass after-prayers protests.


Design, develop, manufacture, sale and maintain diesel engines


Syria’s newly-appointed Minister of Economy has said that his Government will work on reducing the price of gas oil and try to make of Syria a second Singapore.


The Ministry of Petroleum and Mineral Resources has appointed new board chairmen for three joint-ventures established between the state and independent oil companies.


Trading and contracting


The English transcript of the interview of Syrian President Bashar Al-Assad with the Wall Street Journal on January 31, 2011.


The number of tourists that entered Syria in 2010 stood at 8.5 million, a year-on-year increase of 40 percent, while tourist revenues rose 60 percent, confirming that the country’s tourism sector was finally getting closer to its potential.


Gulfsands Petroleum has announced that its latest drilling operations had yielded positive results with the Twaiba well potentially yielding up to 9 million barrels of reserves.


Demand for electricity rose 4.2 percent last year, according to Hisham Mashfej, head of PEEGT, the state-owned power utility.


Syrian exports declined by a third last year as Iraq continued to take an increasing share of the country’s total international sales, according to official trade statistics.