Petroleum industry in Syria | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-02

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Petroleum_industry_in_Syria


00:01:50 1 Geography
00:04:00 2 History
00:07:10 3 Challenges



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SUMMARY
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The petroleum industry in Syria forms a major part of the economy of Syria.
According to the International Monetary Fund, before the Syrian Civil War, oil sales for 2010 were projected to generate $3.2 billion for the Syrian government and accounted for 25.1% of the state's revenue.Syria is a relatively small oil producer, that accounted for just 0.5% of the global production in 2010, falling to less than 0.05% by 2016. Although Syria is not a major oil exporter by Middle Eastern standards, oil is a major component of the Syrian economy. Syria's oil sector has been hit by the Civil War and international sanctions imposed on Syria.
Syria’s two biggest oil companies are the Syrian Petroleum Company (SPC), which is owned by the Syrian Ministry of Petroleum and Mineral Resources, and Al-Furat Petroleum Company, which is 50% owned by SPC and the other 50% foreign owned. The joint venture currently includes SPC with 50%, Anglo-Dutch Shell with 32%, and the remainder held by Himalaya Energy Syria, a consortium of China National Petroleum Company and India's Oil and Natural Gas Corporation. As of December 2011 Shell has suspended operations in Syria due to EU sanctions. Another important consortium is Deir Ez Zor Petroleum Company, owned by SPC and France's Total. Total suspended operations in the country from December 2011. A more recent entrant is the United Kingdom's Gulfsands Petroleum. As of February 2012, Gulfsands has suspended its Syrian operations due to EU sanctions.