October 24, 2018

Syrian Regime Oil Shipping Networks in the Middle East and Europe

On September 6, 2018, the US Department of the Treasury sanctioned Fadi Nabih Nasser and his company Nasco Polymers & Chemicals Co Sal (Off-Shore) "for providing financial, material, or technological support” to the Syrian Company for Oil Transport.

UAE-based Sonex Investments Ltd. was also sanctioned for serving as “a front company to pay for” Nasco Polymers & Chemicals’ petroleum shipments. According to the designation statement, “Sonex Investments acted as a buyer, consignee, or charterer for shipments of crude oil and petroleum products discharged at Baniyas, Syria, and received payments for providing these services.” 

The US Treasury also sanctioned Abar Petroleum Service SAL in Lebanon for working with the Government of Syria “to evade sanctions and import crude oil and petroleum products to Syrian ports.” According to Treasury, in 2017, Abar Petroleum “brokered over $30 million of shipments of petroleum products to Baniyas, Syria, including gasoline, gasoil, and liquefied petroleum gas.”

Kharon research

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