French Oil Co. Total Suspends Operation in Syria

French oil giant Total announced it was suspending its operations in Syria to be in conformity with European Union sanctions against that country. Total confirmed reports of the suspension but it noted it has a relatively minor operation in Syria via its local partner General Petroleum Corp. (GPC).

The European Union has already decided to halt all imports of Syrian crude oil and has also urged a halt to investment in that country's energy sector. Syria depends on oil exports for about 25 percent of its foreign-earned revenue. The French company indicated that it had informed Damascus of its decision as this is in line with EU policy on Syria.