0

Shell to exit Syria

Oil giant forced out by EU sanctions


 

Royal Dutch Shell will end its operations in Syria, the first European oil major to exit the violence-ridden country, the Financial Times reports. The company’s announcement on Friday came after the European Union imposed sanctions on three Syrian state-owned oil companies, which act as the local partners of various foreign oil companies. The moved is aimed at forcing Syria to curtail its oil production, delivering a considerable financial blow to the government of Bashar al-Assad. Other European oil giants, including France’s Total, are expected to leave Syria as well, while Chinese and Indian companies remain unaffected by EU sanctions.

Financial Times


 
Filed under:

Sign in to comment.