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Ban on Syrian oil imports by EU no "immediate obstacle" to MOL unit

Croatian oil and gas company INA, a unit of Hungary's MOL, said on Tuesday that a ban on imports of Syrian oil to the European Union "should not pose an immediate obstacle" to INA's operations in the Middle Eastern country.

Tighter sanctions against Syria and a ban on the import of Syrian oil to the EU under a decision taken by the Council of the European Union on September 2 "should not pose an immediate obstacle to INA petroleum operations in Syria," INA said in a statement republished on the Budapest Stock Exchange website by MOL. "INA will continue to closely monitor the developments relating to Syria and will provide the public with information on these developments," INA said.

The EU has banned the purchase, import and transport of oil and other petroleum products from Syria as well as the provision of financial or insurance services for such transactions.