Shell to Exit Syria's Oil Fields - WSJ.com

Shell to Exit Syria's Oil Fields - WSJ.com

clipped from article:
Royal Dutch Shell PLC said it was pulling out of Syria, a day after the European Union imposed new sanctions on the regime of Bashar al-Assad.

Lawyers for other oil companies active in Syria are now poring over the text of the latest bans to assess the implications for their operations there. Some have already indicated that they may follow Shell's lead.

The Anglo-Dutch energy company was forced to act after the EU blacklisted an operating company in which it holds a stake, Al Furat Petroleum Co. It is one of 11 companies that were added to the EU's sanctions list on Thursday. Syria's state-owned national oil company, General Petroleum Corp., or GPC, is also on the list.
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Shell has also experienced financial problems in Syria recently, according to industry observers. Companies working there sell the oil they produce to GPC. But GPC has struggled to make payments as Syria's cash reserves dwindle. According to Egbert Wesselink of IKV Pax Christi, a Dutch group that advocates for peace in conflict areas, Shell hasn't been paid at least for the last week. [ read more at link]