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The Syria (Sanctions) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 792
- PART 3
- CHAPTER 2
- Regulation 21
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Investments in relation to crude oil and electricity productionU.K.
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21.—(1) A person (“P”) must not directly or indirectly grant a loan or credit to a relevant entity (“E”), where P knows or has reasonable cause to suspect that E is a relevant entity.
(2) A person (“P”) must not directly or indirectly acquire or extend a participation, or acquire any ownership interest, in a relevant entity (“E”), where P knows or has reasonable cause to suspect that E is a relevant entity.
(3) A person (“P”) must not directly or indirectly create a joint venture with a relevant entity (“E”), where P knows or has reasonable cause to suspect that E is a relevant entity.
(4) But paragraphs (1) to (3) are not contravened by anything done in compliance with a contract or agreement which—
(a)relates to the exploration, production or refining of crude oil and which was concluded before 23 September 2011, or
(b)relates to the construction or installation of a new power plant for electricity production and which was concluded before 19 January 2012.
(5) Paragraphs (1) to (3) are subject to Part 7 (Exceptions and licences).
(6) A person who contravenes a prohibition in paragraphs (1) to (3) commits an offence.
(7) For the purposes of paragraphs (1) to (3), “a relevant entity” is any person connected with Syria (within the meaning of regulation 27(5)), who is engaged in—
(a)the exploration, production or refining of crude oil, or
(b)the construction or installation of a new power plant for electricity production.
(8) In this regulation—
“crude oil” has the same meaning given to it in paragraph 3 in Part 2 of Schedule 2;
“exploration of crude oil” includes the exploration for, prospecting for and the management of crude oil reserves, as well as the provision of geological services in relation to such reserves;
“petroleum products” has the same meaning given to it in paragraph 4 in Part 2 of Schedule 2;
“refining of crude oil” means the processing, conditioning or preparation of oil for the production of petroleum products or any intermediate streams.
Commencement Information
I1Reg. 21 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
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