EU Sanctions

Gulfsands fully welcomes the EU’s suspension of certain sanctions on Syria earlier this week across several key sectors, including energy.

We were pleased to see Ghayath Diab, Minister of Oil and Mineral Resources, subsequently calling for energy companies to return and contribute to the redevelopment of Syria’s energy sector. There is still some detail to work through, including clarification as to exactly which state energy related entities will be de-listed, but this is clearly a very positive development, which has the potential to be a gamechanger for the revitalisation and reconstruction of Syria’s economy and helping the Syrian people get back on their feet. As we have repeatedly made clear, Gulfsands is ready to return to operations as soon as circumstances allow which, as a UK PLC, would require the UK following the EU’s lead in similarly easing sanctions.