EU plans ban on new investment in Syrian oil

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13-09-2011 | 14:27
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EU plans ban on new investment in Syrian oil
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EU plans ban on new investment in Syrian oil
European Union governments reached a preliminary agreement on Tuesday to ban European companies from making new investments in Syrian oil exploration, production and refining industries, EU diplomats said.    

Pending final approval, the latest round of Europe's economic sanctions against the government of President Bashar al-Assad could go into effect next week, they said.    

"The goal is to strike the regime's access to funds in the long term," one EU diplomat said.    

New sanctions would ban European companies from creating new joint ventures with enterprises in Syria's energy sector, giving them loans as well as buying and extending stakes in Syrian companies, diplomats said.
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