Syrian Company for Oil Transport (SCOT) (a.k.a Syrian Crude Oil Transportation Company SCOTRACO) was founded by Decree No. 46 of 1972. The decree provided for the nationalization of all property of the Iraq Petroleum Company within Syrian territories, according to which pipelines, pumping stations, construction and equipment were overseen by the Syrian Company for Oil Transport (SCOT). Then on 22 March 2003, Legislative Decree No. 121 was issued to merge the Syrian Crude Oil Transportation Company, which was created in 1974, into the Syrian Company for Oil Transport (SCOT). Today, the company handles tasks related to the transport of crude and heavy crude oil. The general directorship of the company is based in Banias, with a monitoring office in Damascus. The Syrian Company for Oil Transport (SCOT) is placed on EU sanctions lists.