VOL. XLV

No 41

14-October-2002

SYRIA

Syrias 2003 Budgeted Oil Price Remains Unchanged

The Syrian cabinet passed its 2003 budget on 8 October, which MEES learns, assumes oil prices unchanged at 2002 levels of $20/B for heavy crude (24 API) and $24/B for light crude (37 API) . The budget projects that revenues will rise 18% to S294.6bn ($1=S48.85), of which S152bn will come from oil sales. Of the total budgeted spending of S420bn, S211bn or 50.2%, is set aside for investments with another S209bn...