Suncor Energy says withdrawing from Syria

NEW YORK – Suncor Energy (SU.TO) said on Sunday it was withdrawing from Syria as a result of sanctions announced by the European Union on Dec. 2.

The Canadian energy company said it was not changing its total production guidance for 2011 or 2012 because it was ramping up Libyan production

Suncor said it has declared force majeure under its contractual obligations and was suspending its operations with the General Petroleum Corp (GPC) in Syria.

The European Union earlier this month stepped up its sanctions against Syria’s oil industry, blacklisting state-owned companies that oversee trade and exploration. The new measures targeted state-owned General Petroleum Corp and Syria Trading Oil (Sytrol). For details click on [ID:nL5E7N21KG].

The sanctions are part of international efforts to isolate President Bashar al-Assad’s government.

In a statement, Suncor said it was working to safely withdraw its expatriates while retaining its Syrian employees.

“We’ve been monitoring developments in the region very closely during the last several months, and we’ve always been clear that we would comply with all relevant sanctions imposed on the country,” Suncor Chief Executive Rick George said in a statement.

Source: Reuters

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