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OIL: EU Discussing Relaxed Syria Sanctions

OIL
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The EU is discussing a deal to partially suspend several sanctions on Syria’s energy industry, Bloomberg reports. 

  • This could see the EU scrapping bans on importing Syrian crude, and on exporting jet fuel to Syria. The EU may also lift bans on exporting technologies to Syria’s oil & gas industry.
  • Syria produced 400k b/d before the civil war in 2011. Estimates vary but domestic production may have since slumped to as low as 30k b/d. Most producing fields are now controlled by Kurdish forces rather than the central government.
  • The agreement may also end restrictions on financing exploring or refining oil and the construction of new power plants.
  • Syria has two refineries, Homs with a capacity of 107k b/d and Baniyas, at 120k b/d. Both have been idle since Iranian crude imports ceased in December following the overthrow of the Bashar al-Assad’s government.  
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The EU is discussing a deal to partially suspend several sanctions on Syria’s energy industry, Bloomberg reports. 

  • This could see the EU scrapping bans on importing Syrian crude, and on exporting jet fuel to Syria. The EU may also lift bans on exporting technologies to Syria’s oil & gas industry.
  • Syria produced 400k b/d before the civil war in 2011. Estimates vary but domestic production may have since slumped to as low as 30k b/d. Most producing fields are now controlled by Kurdish forces rather than the central government.
  • The agreement may also end restrictions on financing exploring or refining oil and the construction of new power plants.
  • Syria has two refineries, Homs with a capacity of 107k b/d and Baniyas, at 120k b/d. Both have been idle since Iranian crude imports ceased in December following the overthrow of the Bashar al-Assad’s government.