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Tuesday, 19 November 2019

Canada bans new investment in Syrian oil sector

Canada slaps ban on providing financing for investment in Syria's oil industry and doing petroleum trades

Reuters , Wednesday 5 Oct 2011
Oil in Syria
Canada imposed new bans on Syria over its use of violence against civilians. (Photo:Reuters)
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Canada announced on Tuesday it was banning new investment in Syria's oil sector as part of a fresh sanctions package but it was not immediately clear whether Suncor's (SU.TO) Syrian operations would be affected.

Suncor operates the C$1.2 billion ($1.1 billion) Ebla project in Syria, supplying natural gas to the domestic market. Its partner is Syria's General Petroleum Corp.

Canada imposed sanctions against Syria in August over its use of violence against civilians, and Foreign Minister John Baird said Ottawa would take more steps.

The measures include:

* a ban on providing financing for new investment in the oil industry or the acquisition, purchase, supply or importation of petroleum or petroleum products in Syria

* a ban on the importation, purchase, acquisition, carrying or shipment of petroleum or petroleum products from Syria

Suncor was not immediately available for comment.

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