Gulfsands Petroleum

=Company Profile=

London-based Gulfsands Petroleum is an independent oil and gas exploration and production company, listed on the London stock exchange. The Group's major focus is on the Middle East and North Africa, where it has exploration and development projects in Syria, oil exploration projects in Tunisia and some development activities in Iraq. Gulfsands also has a portfolio of properties in the USA, offshore in the Gulf of Mexico.

Gulfsands moved its headquarters from Houston (US) to the UK in 2008 soon after acquiring its Syrian interests.

=Official Accreditations and Global Perceptions=

EITI Supporter Status
As of March 2012, Gulfsands Petorleum was not a supporting company of the EITI.

UN Global Compact
As of March 2012, Gulfsands Petroleum was a member of the UN Global Compact, having joined in September 2011.

External Coverage
Rami Makhlouf is a first cousin of Syrian President Bashar al-Assad, who as of 2011 was estimated to control up to 60% of the country's economy. Gulfsands agreed to share profits from its Syrian operations with Ramak, a holding company owned by Makhlouf's family. The UK's Financial Times reported that the company had paid more than $1 million in fees to Ramak. Makhlouf also controls the Al Mashreq Investment Fund, which owns a 5.7% stake in Gulfsands.

According to figures released by Gulfsands, Ramak was hired to “provide advice and to assist in identifying, evaluating and pursuing E & P opportunities in Syria, including in connection with the successful public tender for Block 26″. In August 2011 Gulfsands announced it had suspended all payments to interests controlled by Rami Maklouf, following the imposition by the UK of “sanctions against certain individuals and organisations in Syria, including Mr Makhlouf”.

= Global Operations by Country=

Syria
"Main article: Gulfsands Petroleum Operations in Syria"

=References=

