Gulfsands to review impact of new Syria sanctions - Proactiveinvestors (UK)
clipped from article:
Syria–focused Gulfsands Petroleum (LON:GPX) is to review how it operates in the country after new sanctions imposed by the European Union.
Restrictions now apply to the supply of equipment and technology to the oil and gas industry in Syria.
The General Petroleum Corporation (GPC), which is the Syrian government's principal vehicle for oil and gas sector investments, has also been put on a list of proscribed organisations.
As a result, Gulfsands said it has put under review “the manner in which it interacts with GPC and the implications of these new sanctions for its present and planned production activities and its contractual obligations to GPC and the Syrian government”.
“Once an understanding has been reached on the implications of the new sanctions measures on the company's business in Syria, the company will make a further announcement,” it added.
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