Oil, Gas & Mining

Repair and maintenance works in the Hayan field by the Ministry of Petroleum highlight how the government is trying to capitalize on its recent gains in the central area to increase oil supplies.
Syrian manufacturers that are able to pay in foreign currency will be given priority when buying oil products, a rare instance of the government encouraging the use of the dollar in the domestic market.
A recent law regulating investment in quarries will increase state revenues from the sector fifteenfold, according to a government official.
An attack on Syria’s last standing gas processing plant temporarily shut down most electricity production across the country, highlighting the extreme weakness of the country’s energy infrastructure.
As new deliveries of oil products have reduced supply bottlenecks across Syria, a government committee met last week to assess the situation of the local energy market.
The Syrian President has issued a law aiming at clamping down more severely on illegal quarries and raising government revenues from them.
Oil supplies are resuming across Syria after weeks of severe shortages, although the economic and political consequences will likely be felt for a long time.
The suspension of Iranian supplies of oil products is forcing the Syrian government to import large volumes from other countries and to open import trade to the private sector as severe shortages impact most of the country.
Syria remained largely dependent on Iran for its oil imports last year, a statement by a government official indicates.
Afek Oil & Gas, an Israeli oil company, will resume exploration works in the occupied Golan Heights at the beginning of March.
ISIS blew up this week a large gas processing plant near Palmyra, sending a clear warning on what it could do to other economic assets under its control in Syria’s east.
Syria’s imports of fuel oil doubled last year to compensate for the decline in the supply of natural gas to the country’s power plants.
Local activists have highlighted the continuing oil trade taking place between the Islamic State and the Syrian regime through an increasingly powerful intermediary.
Following its attack on Palmyra the Islamic State has managed to take control of many significant oil and gas fields.
The Syrian government is continuing to add gas production capacity as it restarted last week a gas well near Palmyra formerly developed by INA Naftaplin, the Croatian oil company.


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