Damascus signed an oil and gas exploration deal with a Russian company in the Syrian capital Wednesday that will allow for exploration in a section of Syrian waters, an AFP journalist witnessed.
Damascus
signed an oil and gas exploration deal with a Russian company in the Syrian
capital Wednesday that will allow for exploration in a section of Syrian
waters, an AFP journalist witnessed.
The agreement was signed by Syrian Oil Minister Suleiman Abbas,
Syria
's
General Petroleum Co. and the Russian Soyuzneftegaz company.
The deal permits the exploration of an area of 850 square miles in the
Mediterranean
Sea
off the Syrian coast.
The contract "is the first ever for oil and gas exploration in
Syria
's
waters," Ali Abbas, head of General Petroleum, told AFP.
"It will be financed by
Russia
, and
should oil and gas be discovered in commercial quantities,
Moscow
will
recover the exploration costs," Mr. Abbas said.
Oil Minister Abbas, meanwhile, said during the signing ceremony that the
contract covers "25 years, over several phases," and that "the
cost of exploration and discovery is $100 million."
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