Syria regards Iraqi oil as major revenue source
Mar 17, 2003 01:00 AM
Syria has found a major source of revenue in the smuggling of Iraqi oil. Industry sources said the regime of
President Bashar Assad has earned more than $ 1 bn in revenues from Iraqi oil in 2002.
They said the rate of revenues has risen sharply in proportion with the jump in oil prices.
Syria obtains about 250,000 bpd from two pipelines from Iraq, the sources said. One pipeline brings oil to the
Mediterranean port of Banyas and the other is connected to the Syrian oil grid. In all, Syria has increased oil
exports to 450,000 bpd.
The sources said Damascus pays Iraq about $ 12 a barrel of oil. The rest is kept by the Syrian regime. The price of a
barrel of crude on the open market has approached $ 40.
Source: MENL
