Posted on 12/26/2013 5:10:08 AM PST by mac_truck
Damascus signed an oil and gas deal with a Russian company Wednesday which will allow for the first-ever exploration off Syria's coast.
The agreement was signed by Syrian Oil Minister Suleiman Abbas, Syria's General Petroleum Company and the Russian Soyuzneftegaz company, according to an AFP reporter present at the signing.
The deal permits the exploration of an area of 2,190 square kilometres (850 square miles) in the Mediterranean.
The contract "is the first ever for oil and gas exploration in Syria's waters," General Petroleum Company head Ali Abbas told AFP.
"It will be financed by Russia, and should oil and gas be discovered in commercial quantities, Moscow will recover the exploration costs."
Oil Minister Abbas said during the signing ceremony that the contract covers "25 years, over several phases," adding that "the cost of exploration and discovery is $100 million."
Hard-hit by international sanctions, Syria's oil production has plummeted by 90 percent since the start of the uprising against President Bashar al-Assad in March 2011.
Gas production has also dived to 16.7 million cubic metres a day from 30 million before the war broke out, according to official figures.
The Syrian oil ministry said the new accord comes "after months of long negotiations" between Damascus and Moscow.
(Excerpt) Read more at news.yahoo.com ...
“Russia, one of President Bashar Assad’s strongest international backers received its Christmas present from Syria on Wednesday.
Syria’s state news agency reported that Syrian Oil Minister Suleiman Abbas and Syria’s General Petroleum Company have signed a deal with Russian oil and gas company Soyuzneftegaz to explore in the Mediterranean Sea.
Most of Syria’s oil and gas fields are in the north east of the country which is under opposition control and the country’s oil exports almost have stopped.
Earlier this year, the Syrian Oil Minister discussed with the ambassadors of China and Russia the possibility of exploring for oil and gas off Syria’s Mediterranean coast. ...”
http://www.yalibnan.com/2013/12/25/syria-rewards-russia-with-an-oil-deal/
From Aug 2013:
Saudis offer Russia secret oil deal if it drops Syria
Saudi Arabia has secretly offered Russia a sweeping deal to control the global oil market and safeguard Russia’s gas contracts, if the Kremlin backs away from the Assad regime in Syria.
The revelations come amid high tension in the Middle East, with US, British, and French warship poised for missile strikes in Syria. Iran has threatened to retaliate. ...”
“Syria is one of Russia’s last Middle East footholds and hosts a base for the Russian navy on its coast. Russia has adamantly opposed any foreign intervention in the country, though Moscow says it is not tied to Assad.
Soyuzneftegaz is a Russian oil and gas company. It is headed by Russia’s former energy minister Yuri Shafranik. The main shareholder is the Central Bank of Russia.”
http://www.yalibnan.com/2013/12/25/syria-rewards-russia-with-an-oil-deal/
> which will allow for the first-ever exploration off Syria’s coast.
Thanks mac_truck.
> Russia has adamantly opposed any foreign intervention in the country
Other than Russia and Iran, of course.
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