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MOL Croatian unit delivers force majeure notice to Syrian partner

Hungarian oil and gas company MOL on Monday said its Croatian unit INA announced that it delivered a force majeure notice to its business partner in Syria as part of the implementation of a European Union ban on oil from the country.

"In compliance with the Croatian Government Decision dated 23 February 2012 on the implementation of the EU Council Decision concerning restrictive measures against the Syrian Arab Republic issued on 1 December 2011, INA delivered yesterday the force majeure notice to the General Petroleum Company of Syria related to the Production Sharing Agreement for the Hayan Block signed in 1998 and Production Sharing Agreement for the Aphamia Block signed in 2004," the statement said.

"Based on the Croatian Government decision, as well as the overall security situation in Syria, INA is not able to continue performing its regular business operations and activities in Syria due to reasons which are beyond the control of the company," it added.

Neither INA nor MOL expect to receive any revenue from production in Syria for the foreseeable future, that is, until the termination of the force majeure.