The Syrian minister of economy and trade, Mohammad Nidhal al-Shaar, conceded that his country "is living a political and economic crisis which has impacted economic activities." He said that the government will reconsider all Arab and international agreements to determine their effect on the Syrian economy.
The minister said that there was a decline in the volume of exports, there were problems concerning shipping and there were difficulties with drafts and financial transactions. He described these problems as impediments that undoubtedly distort the market and the distortion affects the citizens and the economy simultaneously.
On his part, the minister of oil and mineral wealth Safian al-Allaw said that his government has agreements with companies from Iran, Russia,, India, China, Malaysia and Indonesia, to insure the supply of oil products the country needs. The government has also taken measures to raise the capacity of the Syrian refineries to the maximum and to limit the time for maintenance.
Syria, however, is still looking for markets for its crude, estimated at about $150,000 barrels/day.
Source: Al-Sharq Al-Awsat, London, October 17, 2011