Financial Times interview with John Bell, Managing Director of @Gulfsands

Following an extraordinary two weeks in Syria, I was able to sit down with Financial Times correspondent, Robert Wright, to discuss what recent developments might mean for the energy industry in Syria.

We discussed how the oil and gas industry is a critical sector for moving the needle in terms of providing significant revenue to fund early recovery, including reconstruction and humanitarian needs of the Syrian people. 

With the oil and gas industry still subject to UK, US and EU sanctions, amendments to the sanctions regimes will be required to enable companies, such as @Gulfsands, to return to operations and bring with them material foreign direct investment. 

While it is still early days in terms of what comes next in terms of the Constitution and Governance of Syria, we believe that, with appropriate structure and oversight, and with safeguards in place, relevant authorities should consider targeted amendments to sanctions, to help kickstart the rebuilding process. 

The benefits for Syrians of a revitalised energy sector are potentially very significant, including:   

• Solving the energy shortage in Syria: The energy shortage has worsened (previously Iran provided Syria with around 50-80,000 bopd, but this has stopped), meaning a drastic need for fuel for transportation and heating, especially over the winter months. Increasing indigenous production will help alleviate these shortages. 

• Generating revenue: Lifting sanctions will allow surplus crude to be exported and sold at full international prices, generating potentially billions of dollars of revenue to contribute to early recovery, reconstruction and humanitarian needs. 

• Environmental clean-up: A return of international energy companies will bring back market-leading practices which will stop, and help begin reversing, the environmental devastation and severe health risks that current unsophisticated oil-field practices have created.  

@Gulfsands continues to advocate for its Humanitarian and Economic Stimulus initiative, #ProjectHope, which we believe is more relevant than ever to helping Syria getting back on its feet, and to assisting with the peace building process ahead. 

If you are interested in hearing more, please visit our website at https://www.gulfsands.com or follow us on LinkedIn.  Please also let us know your views on Project Hope – we welcome all input.  

The FT article is available in full at: Relax Syria sanctions to bring in western oil operators, Gulfsands boss says 

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