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Syria Seizes Iraq Petroleum Co. Assets Over Royalties
Syria seized all properties of the Western owned Iraq Petroleum Co. to force payment of higher transit royalties for nine months. The move targets pipelines and pumping stations spanning 430 miles to Banias with a Lebanon branch to Tripoli. Royalty claims approach 9.3 million dollars, potentially lifting Syria’s annual royalties from 28 to 42 million.
MENTIONED IN THIS ARTICLE
Damascus
Syria
Iraq Petroleum Co
Finance Ministry
John Page
iBanias
Une
Lebanon
Tripoli
Banivas
Bhat