Mar 05 2012 |
more articles from
|
INA Suspends Operations In Syria
INA Suspends Operations In Syria
Croatia’s INA announced on 27 February that it was temporarily suspending all business activities in Syria until further notice, under force majeure. The company said in statement that it was acting in compliance with the Croatian government decision of 23 February to implement the EU Council decision to adopt restrictive measures against the Syrian Arab Republic issued on 1 December 2011. The statement noted that INA delivered the force majeure notice to the state-owned General Petroleum Corporation (GPC) related to the production sharing agreement (PSA) for the Hayan Block near Palmyra, signed in 1998, and the PSA for the Aphamia block, signed in 2004. INA added that it is not able to continue performing its regular business operations and activities in Syria due to reasons beyond its control and noted that force majeure does not mean termination of the agreement and exit from the project. According to the statement, INA does not expect to receive any revenues nor acquire its production share from the Syria operations for the foreseeable future. With Croatia planning to join the EU on 1 July 2013, INA has already reduced its production from Syria due to uncertainties there (MEES, 26 December 2011).
The company statement said that Syria was one of the most important projects for INA. Hayan Petroleum Company is a 50/50 joint venture between GPC and INA is in the process of building a gas treatment plant that will have the capacity to produce 3.5mn cmd of sales gas, 180 tons/day of LPG and 6,000 b/d of condensate. The gas comes from the fields of Jihar, al-Mahr, Jazal, al-Mazrur, Pamyra and al-Mustadira in the Hayan Block (MEES , 2 August 2010). The company’s acreage in Syria mainly holds gas reserves. In suspending its operations in Syria, INA is following the withdrawal of other international oil operators from the country, such as Royal Dutch Shell, Total, Suncor Energy, Gulfsands and Kulczyk Oil.
© Copyright MEES 2012.
© Copyright Zawya. All Rights Reserved.
Oddly Enough
- UPDATE 1-Korean women scrap meeting Japanese mayor over brothel remarks
- REFILE-Elderly Korean women cancel meet with Osaka mayor over war brothel remarks
- Korean "grannies" cancel meet with Osaka mayor over war brothel remarks
- Solar plane completes second leg of cross-country flight in Texas
- College student snares record long Burmese python near Miami
- There's More
Post Your Comment