Time to go?

28 September 2011 By Una Galani Follow @ugalani

The two oil majors are still pumping in Syria, in effect helping to finance the deadly crackdown on anti-government protesters. But while both companies could easily afford to make a moral point and pre-emptively withdraw from their investments, doing so might not achieve much.

This content is for Subscribers only

Context News

International oil companies in Syria including Royal Dutch Shell and France’s Total have been told to cut production, as the government struggles to find buyers for its crude, according to the Financial Times.
The paper added that international oil companies hope the cuts are temporary and will end when Syria finds nations willing to take its crude following an embargo on exports imposed by the European Union.
The Al-Furat Petroleum Company – a joint venture between state-run Syrian Petroleum Co., Shell and China National Petroleum Corporation – is the main producer consortium operating in the country.
The SPC controls about half of existing upstream production in the country and takes 50 percent stakes in new development projects with foreign partners.
Foreign companies operating in the energy sector include Royal Dutch Shell, France’s Total, CNPC, India’s Oil and Natural Gas Corp, Canada’s Suncor Energy, Britain’s Petrofac and Gulfsands Petroleum, along with Russian oil company Tatneft and engineering firm Stroytransgaz.
Asian national oil companies, led by China’s Sinochem, and smaller independents like Gulfsands have been most active in recent exploration tenders.

Context News

Email a friend

Please complete the form below.

Required fields *