Syria unable to buy fuel

LONDON: Syria is seeking to side-step sanctions that are hampering business with foreign firms by bartering crude oil in return for the fuel it desperately needs to keep the country on its feet, traders said on Friday.

Although the EU has stopped short of banning the sale of fuel to Syria for humanitarian reasons, companies are refusing to participate in tenders because it has become near-impossible to deliver and receive payment for fuel through international banks.

Both Syrian light and heavier Souedie crude are on offer in exchange for the oil products required to run its oil-fired power plants, keep its economy afloat and prevent widespread disruption to civilian life.

Copyright Reuters, 2011