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17.—(1) A person to whom this Order applies (“P”) commits an offence if P knowingly —
(a)grants any financial loan or credit to a relevant Syrian person, entity or body,
(b)acquires or extends a participation in a relevant Syrian person, entity or body, or
(c)creates a joint venture with a relevant Syrian person, entity or body.
(2) Paragraph (1)—
(a)does not apply to the execution of an obligation arising from an agreement or contract concluded before the date on which this Order comes into force and relating to—
(i)the exploration, production or refining of crude oil, or
(ii)the construction or installation of new power plants for electricity production; and
(b)does 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 the date on which this Order comes into force, or
(ii)the construction or installation of new power plants for electricity production, if such extension is an obligation under an agreement concluded before the date on which this Order comes into force.
(3) For the purposes of this article—
“the 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;
“the refining of crude oil” means the processing, conditioning or preparation of oil for the ultimately final sale of fuels;
“relevant Syrian person, entity or body” means a Syrian person entity or body engaged—
in the exploration, production or refining of crude oil, or
the construction or installation of new power plants for electricity production.
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