Exxon-Mobile sells its share in a private Syrian company
Syria-USA, Business, 7/11/2005

An industrial source in Damascus said that the American oil company Exxon-Mobile sold its share in a private joint company in Syria, especially because of the sanctions Washington imposed on Damascus.

The source said that Exxon-Mobile "withdrew from the joint ALEMCO company and sold by the end of June its share ( 49%) to Syrian businessmen because of the sanctions and for political reason." This private company which was established in 1995 at a capital of $ 4 million produces and markets oil byproducts in Syria. It is the only American-Syria company in the Syrian private sector.

American oil companies working in the energy sector with the Syrian government withdrew in 2004 from this country whose oil production tolls 400,000 barrels daily.

On may 6th this year, US president George W. Bush renewed sanctions especially economic one he had imposed on Syria in May 2004.

Previous Stories:
  New Syrian measures on money transfer   (8/23/2004)
  Syrian Commercial Bank of American banks boycott of correspondence   (5/20/2004)
  US company get Syrian oil survey contract   (12/1/2003)

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