Economic News Roundup (26 July 2011) - Syria Comment

Economic News Roundup (26 July 2011)

Trade Government Reduces Import Tariffs on Food Items, Manufacturing Inputs – (Syria Report)

The Syrian government has reduced import tariffs on a wide range of consumer products and manufacturing inputs in a bid to reduce costs, as the month of Ramadan, a period of the year when demand peaks and prices rise, is set to begin.

Telecoms & IT Facebook, Twitter, Gmail Blocked by Syrian Government (Syria Report)

Access to Facebook, Gmail, Twitter and many other social media has been blocked for weeks in Syria, in a measure by the government to limit the supply and transfer of information to the outside world and within the country.

Oil, Gas & Mining Iraq to Export 10,000 Barrels of Oil a Day to Syria (Syria Report)

Iraq and Syria are finalising a deal for the export of 10,000 barrels of Iraqi crude oil a day to Syria, according to news agencies.

Iran to Ship $10 Billion in Gas to Iraq, Syria Via New Pipeline
By Ladane Nasseri – Jul 24, 2011

Iran will sign a $10 billion contract tomorrow to export natural gas to Iraq and Syria, the Oil Ministry said on its news website, citing remarks yesterday by Javad Owji, National Iranian Gas Co.’s managing director.

The gas will be shipped from the South Pars field via a new pipeline route that may take three to five years to build and will be mapped once the agreement has been signed, according to the report on the Shana website.

Iran and Syria signed a preliminary agreement on Jan. 19 for the construction of a 2,000-kilometer (1,250-mile) network to carry Iranian gas via a 56-inch (142-centimeter) pipeline.

Iran holds the world’s second-largest gas reserves. The Shama report didn’t disclose details of the contract.

Islamic Pipeline to challenge Nabucco

The Voice of Russia – ‎5 hours ago‎ Iran, Iraq and Syria have signed a memorandum on laying a pipeline. Its resource base is the South Pars gas field in Iran. It is planned to lay the pipeline through Iraq, Syria and further Lebanon and Europe under the Mediterranean Sea.

Economy Oil Subsidies at USD 2.5 Billion in H1, 2011 Syria Report

The Syrian government spent USD 2.49 billion to finance the cost of oil products subsidies in the first half of this year, according to Abdullah Khattab, Director General of Mahrukat, the state monopoly in charge of distributing oil products.

Does Rami Makhlouf only own 40% of Syriatel? If one adds together the shares owned by his brother and his subsidiary companies, Rami controls 79% of Syriatel, not 40%

Syriatel to Double Capital by Offering Free Share for Each Held
By Lina Ibrahim, 2011-07-24, Bloomberg

July 24 (Bloomberg) — Syriatel Mobile Telecom SA, one of two mobile operators in Syria, received approval to double its capital by offering one free share for each share held. The company made the announcement in a mobile-phone text message. Rami Makhlouf, the cousin of Syrian President Bashar al- Assad, owns 40 percent in the company.

Deir-ez-Zor Chamber of Commerce Blames Security Services for Deepening Crisis (Syria Report)

The Deir-ez-Zor Chamber of Commerce and Industry blames the government’s security services for the “unjustified use of arms and the brutal crackdown on protesters” in one of many signs of growing unease in the business community over the mishandling by the authorities of the revolt gripping the country.

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