Russian oil firm to intensify oil exploration in Syria
Russian petroleum company Zarubezhneft is planning to set up a joint venture in Syria that will enable it to intensify its oil exploration and drilling activities in the republic, reported the Russian daily Commersan. The initiative was granted the approval of the Syrian government.
Zarubezhneft’s involvement in Syria's oil and gas sector dates back to the 1970s. In August last year, the Russian company signed an agreement for the exploration of the Tishrin, Alian and Gbebeh oilfields, committing to a $200 million investment over a fifteen-year period.
Syrian oil minister Ibrahim Haddad is due to meet with Zarubezhneft’s management during a visit in Moscow later this week. — (menareport.com)
© 2002 Mena Report (www.menareport.com)