Advertisement

Markets forcing Syria open

DAMASCUS, Syria, Nov. 20 (UPI) -- Syria is struggling to meet its domestic energy demands amid the slumping global economy, prompting the isolated country to consider opening its doors.

British Foreign Secretary David Miliband was in the capital, Damascus, last week in an indication of Syria embracing the broader regional community. The worldwide fiscal crisis also puts Syria in a position where it is unable to develop its infrastructure to meet domestic demands, the Financial Times reported Thursday.

Advertisement

"Energy is a problem," says economist Nabil Sukkar with the Syrian Consulting Bureau. "Our energy-generating capacity is below demand, and our oil reserves are falling, while our gas reserves have not been developed rapidly enough."

Syria has faced international pressure from the U.S. effort in Iraq, turmoil in Lebanon and the Israeli-Palestinian conflict. With its economy dependent on oil revenues and crude prices dipping below $50 per barrel, Syria is finding itself considering a change in posture.

Syrian Deputy Premier of Economic Affairs Abdullah Dardari said basing its energy prices on market conditions, for example, may be the best way forward.

"We are developing a private partnership policy to bring in investments in the energy sector," he said. "The essential prerequisite for a sustainable energy policy is to have the correct prices."

Advertisement

Latest Headlines

Advertisement
Advertisement

Follow Us

Advertisement