Syria Appeals For More Foreign Oil Money Yet Bureaucracy Remains A Questionable Obstacle

As Syria aggressively courts foreign investors to rescue its dwindling oil and gas sector, government corruption and problems settling disputes remain sticking points for some interested international players. But experts are divided over how contentious these obstacles truly are. Foreign oil firms face “some bureaucracy” in the petroleum industry but the situation has improved quite a bit, said Hisham Yazigi, a 30-year veteran of the Syrian oil industry. Yazigi argued there is no “major hindrance for investment” since Syria’s national petroleum company now has the expertise to deal with international capital. In the past, Syria has “honored” all of its financial obligations to oil-producing firms, “otherwise, Royal Dutch Shell and Total, believe me, they won’t be there,” said Yazigi, now retired. He was the former deputy general manager of Royal…