Syria says lost $2 billion from oil sanctions

By REUTERS
January 20, 2012 12:12

 
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BEIRUT - Western sanctions on Syrian oil exports have cost the country $2 billion since September, Oil Minister Sufian Alao was quoted as saying on Friday.

The official SANA news agency quoted Alao as saying that Syria was still trying to replace European Union crude oil contracts with new customers, but was having trouble securing shipping insurance and trade credit.

European Union states, which bought most of Syria's approximately 130,000 barrels per day of oil exports, imposed sanctions on Syrian oil on Sept. 2, following a similar decision by the United States.

Alao said Syria had previously used revenues from sales of crude oil to "secure the Syrian public's oil requirements", but that these domestic fuel needs were now being funded by the treasury and banks.

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