Gulfsands shuts down production in Syria - FT.com

The tightening of European Union sanctions against Syria has forced Sinochem, the Chinese state-controlled company, and Gulfsands Petroleum, the UK-listed oil and gas explorer, to shut down production in the country.

Shares in Gulfsands fell by 16¼p, or 9 per cent, to 170p on Monday as the company said it had invoked “force majeure” conditions in its production-sharing agreement with Syria following the extension of sanctions to General Petroleum Corporation.

Syria’s state-owned GPC largely controls foreign investment and co-ordinates oil and gas production in the country.

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