Syrian Petroleum Company (SPC)

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Overview

The Syrian Petroleum Company (SPC), established in 1974,[1] is a state-run entity that controls the country's upstream oil production and development. The company is an arm of the Ministry of Petroleum and Mineral Resources; it is responsible for about half of total production and takes 50 percent stakes in new development projects with foreign partners.[2]

According to the official website of the General Petroleum Corporation (GPC), the SPC is now one of several affiliate companies. However the website also states that the GPC was established in 2009 to replace the SPC and the SGC and take over the responsibility for preparing and signing contracts, implementing strategy, building national capacities and supervising the joint venture companies.[3]

Activities

The SPC has undertaken efforts to reverse declining oil production and exports by increasing exploration and production in partnership with foreign companies. The main foreign producing consortium as of December 2011 was the Al-Furat Petroleum Company, which included the SPC at 50% ownership, Shell at 32% and others, including China National Petroleum Corporation.[4]

Impact of 2011-12 Unrest

In September 2011 the EU imposed sanctions on five state-owned firms, including the SPC, in response to increasing violence by Bashar Assad's regime against the Syrian people.[5]

External Links

Official Website: www.spc-sy.com

References

  1. "Syrian Petroleum Company" GPC, retrieved 13 March 2012.
  2. "Syria Oil Gas Profile" A Barrel Full, 12 December 2011.
  3. "Establisment of General Petroleum Corporation" A Barrel Full, retrieved 13 March 2012.
  4. "Factbox: Syria's energy sector" Reuters, 24 August 2011.
  5. "Oil sanctions have cost Syria $2 billion, oil minister says" Oil and Gas Journail, 20 January 2012.

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