CHAPTER IVRESTRICTIONS ON FINANCING CERTAIN ENTERPRISES
Article 13
1.
The following shall be prohibited:
(a)
the granting of any financial loan or credit to any Syrian person, entity or body referred to in paragraph 2;
(b)
the acquisition or extension of a participation in any Syrian person, entity or body referred to in paragraph 2;
(c)
the creation of any joint venture with any Syrian person, entity or body referred to in paragraph 2;
(d)
the participation, knowingly and intentionally, in activities the object or effect of which is to circumvent the prohibitions referred to in point (a), (b) or (c).
2.
The prohibitions in paragraph 1 shall apply to any Syrian person, entity or body engaged in:
(a)
the exploration, production or refining of crude oil; or
(b)
the construction or installation of new power plants for electricity production.
3.
For the purposes of paragraph 2 only, the following definitions shall apply:
(a)
'exploration of crude oil' includes the exploration for, prospecting for and management of crude oil reserves, as well as the provision of geological services in relation to such reserves;
(b)
'refining of crude oil' means the processing, conditioning or preparation of oil for the ultimately final sale of fuels.
4.
The prohibitions in paragraph 1:
(a)
shall be without prejudice to the execution of an obligation arising from contracts or agreements relating to:
- (i)
the exploration, production or refining of crude oil, concluded before 23 September 2011;
- (ii)
the construction or installation of new power plants for electricity production concluded prior to 19 January 2012;
(b)
shall not prevent the extension of a participation relating to:
- (i)
the exploration, production or refining of crude oil, if such extension is an obligation under an agreement concluded before 23 September 2011;
- (ii)
the construction or installation of new power plants for electricity production if such extension is an obligation under an agreement concluded prior to 19 January 2012.