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Message: suncor (like others) shuts down in Syria

http://business.financialpost.com/2011/12/11/suncor-suspend-operations-in-syria/

Suncor owns 50% of a Syrian gas plant called Ebla, which produces 80 million cubic feet of natural gas per day and is a key source of electricity for the local province. Its partner is a state-owned company called General Petroleum Corp. (or GPC), which is targeted in the EU new sanctions. Even though no energy from Ebla is exported, Suncor’s lawyers determined that it could no longer work with GPC.

“We can no longer support that joint venture, either with funding or staffing,” said Suncor spokesperson Kelli Stevens.

Ebla is small by Suncor’s standards, accounting for just 3% of its cash flow from operations in the first half of 2011. However, it threw the company into the middle of controversy as President Assad’s regime began killing protesters.

On one side, critics said it was inappropriate for companies like Suncor to be generating any revenue for the Assad government. On the other hand, shutting down the Ebla project hurts ordinary Syrians who rely on it for electricity.

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