Gulfsands hit by EU action over Syria

City A.M. Reporter
GULFSANDS Petroleum said it was reviewing the impact of the latest EU sanctions on Syria on its production activities and on its contracts with the Syrian government and the General Petroleum Corporation.

The EU stepped up its sanctions against Syria’s oil industry last week, blacklisting state-owned firms including GPC that oversee trade and exploration, as part of international efforts to isolate President Bashar al-Assad’s government.

Gulfsands said in November it was producing at around a fifth of its normal output in Syria.

Shares in Gulfsands plummeted more than 10 per cent yesterday, as investors feared Syria, the firm’s biggest customer, is facing long-term international boycotts.