SyrianChristianPatriot
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Indias Oil & Natural Gas Corporation (ONGC) could open its doors to Syrian crude oil as other international markets shun the beleaguered Middle Eastern nation, a report claims.
News wires 22 September 2011 12:13 GMT
The state-run behemoth is considering sending some oil it can access through a joint venture operation in the country to a refinery as Syria struggles to sell oil to European markets, Reuters reported.
Syria has been hit with sanctions by the European Union and US as governments look to put pressure on the regime of President Bashar Assad following months of political and social unrest in the country. A ban on oil imports has been followed by bans on investments by US or EU companies in Syrian operations.
Reuters cites three sources within ONGC as saying that the company is considering turning its attention to Syrian oil which India does not currently import.
"It makes sense to bring oil to India, one source told the news wire.
It will be a win-win situation, we need oil and Syrian oil quality is good...if we get it to India there will not be any forced output cut.
ONGC currently operates a joint venture in Syria with Chinese counterpart China National Petroleum Corporation. One idea is to refine Syrian oil at the joint-owned Mangalore Refinery & Petrochemicals.
News wires 22 September 2011 12:13 GMT
The state-run behemoth is considering sending some oil it can access through a joint venture operation in the country to a refinery as Syria struggles to sell oil to European markets, Reuters reported.
Syria has been hit with sanctions by the European Union and US as governments look to put pressure on the regime of President Bashar Assad following months of political and social unrest in the country. A ban on oil imports has been followed by bans on investments by US or EU companies in Syrian operations.
Reuters cites three sources within ONGC as saying that the company is considering turning its attention to Syrian oil which India does not currently import.
"It makes sense to bring oil to India, one source told the news wire.
It will be a win-win situation, we need oil and Syrian oil quality is good...if we get it to India there will not be any forced output cut.
ONGC currently operates a joint venture in Syria with Chinese counterpart China National Petroleum Corporation. One idea is to refine Syrian oil at the joint-owned Mangalore Refinery & Petrochemicals.
