Joint Syrian-Russian firm established

Published August 16th, 2001 - 02:00 GMT

Syria and Russia recently agreed to establish a joint company to repair electricity converters. In its initial stage of operation, the new firm will repair faulty converters with a 50-600 kilovolts capacity.  

 

In the future, the company expects to repair up to 1,000 converters annually, equivalent to an estimated $2 million, according to Teshreen daily.  

 

Furthermore, within three years the new company will have an annual production and assembly capacity of 3,000 electrical converters. Currently, there are nearly 5,000 electricity converters which are out of order in Syria’s Ministry of Electricity.  

 

Sources maintain that trade between both countries had reached $1 billion in the past, and that a concerted effort was at hand to renew such exchanges.  

 

Furthermore, major shifts in Syrian-Russian ties are currently underway, as a joint committee representing the two met after an eight-year long suspension period earlier this year.  

 

A few months ago, Russia President Vladimir Putin and Syrian President Bashar Al-Assad agreed to intensify efforts to foster exchanges, and subsequently signed a bilateral cooperation agreement. –(Mena Report)  

© 2001 Mena Report (www.menareport.com)


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