Syria Loses $2 bn over Oil Sanctions
Syria has lost more than $2 billion in revenues since September 1 as a result of European and U.S. bans on importing its oil, Oil Minister Sufian Allaw said on Thursday.
"We have suffered important losses as a result of our inability to export crude oil and petroleum products," Allaw told a news conference in Damascus.
"The shortfall and losses from September 1 until now add up to more than $2 billion," he said.
"The oil embargo has caused a drop in production of 150,000 barrels, or $15 million, a day," he said.
The United States has banned the importation of Syrian-origin petroleum and petroleum products. It also prohibits U.S. nationals, wherever they are, from engaging in any transactions or dealings in or related to Syrian-origin oil.
Sanctions were slapped on five Syrian government companies -- General Petroleum Corp, Syrian Co for Oil Transport, Syrian Gas Co, Syrian Petroleum Co and Sytrol.
The European Union has a ban on imports of Syrian crude, along with that of oil and gas equipment.
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