Croatias INA further reduces hydrocarbon production in Syria.

By bne IntelliNews December 22, 2011
Croatian oil and gas company INA said it has further reduced its production in Syria, by 1,300 barrels of oil per day, over the EU sanctions imposed on the Arab country and its political instability. The company already reduced production by 1,500 barrels of oil per day in September, it said in a filling to the Zagreb Stock Exchange. INA also said it requested on December 21 from both the Zagreb Stock Exchange and the London Stock Exchange, where it is listed, to temporarily suspend the trading of its shares/DRs until January 9 due to the high unpredictability of the current developments influencing its Syrian activities and which are all beyond INAs control with highly uncertain outcome. It added it faces difficulties in collecting receivables from its Syrian partner for its share in hydrocarbon production. The extension of the scope of EU sanctions by the EU Council implementing Decision of 1 December 2011 and also the increasing political instability in Syria effect INAs Syrian operations, the statement said. One of the sanctions was banning the import, purchase and transport of Syria's oil to the EU. INA produces natural gas and crude oil and condensate on two locations in Syria, Hayan and Aphamia. The company turned to a net profit of HRK 1.9bn in January-June following a net loss of HRK 108mn a year earlier. Hungarys MOL is the biggest single shareholder in INA, with a 47.46% stake plus an option for an additional 1.6%, while the Croatian government owns 44.84%.
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