Tatneft suspends work in Syria, citing instability

December 23, 2011
Russian regional oil producer OAO Tatneft said Friday (Dec. 23) that it has suspended work in Syria, following the lead of some multinational companies amid European Union sanctions against the violence-plagued Middle East country, news agencies reported.
 
"We intend to continue operations if the situation stabilizes," Reuters quoted a Tatneft spokesman as saying.
 
He cited the company’s chief executive, Shafagat Takhautdinov, who had told a news conference in Moscow earlier Friday of the decision, according to Interfax.

"All operations have been suspended for now. The employees remain, but the work has stopped for now," Takhautdinov said.
 
The CEO declined to comment on when Tatarstan-based Tatneft might resume work in Syria, Interfax reported.

Tatneft has a production-sharing agreement with Syria's state-owned General Petroleum Corp., which is among firms and institutions blacklisted by the EU as part of sanctions intended to punish President Bashar al-Assad for alleged state-sponsored violence against thousands of protesters.

Their joint venture, begun last year at the South Kishma field in northwestern Syria, has had output of 80 metric tons of light, sweet crude per day.
 
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