Syria: Oil will decrease in 2020
Syria, Economics, 4/6/2004

The Syrian oil Minister Ibrahim Haddad denied that the expected date of oil expiring in Syria is 2012, according to a statement made by a Syrian official to a local Syrian daily on Sunday.

The minister said replying to a question on the occasion of the inauguration of the 4th oil and gas exhibition yesterday, "this statement on oil expiry is wrong." He added the Syrian oil "might decrease if new oil wells and fields in Syria will not be discovered.. but it ( oil) will not expire." He added that the Syrian studies confirm that oil will continue until 2020 and at a rate of 300,000 barrels every day, which is enough for the local market, according to official estimates.

In another development, Haddad welcomed the American participation in the exhibition, which tolls 21 companies. He said that the " door is open for the American companies " to invest in Syria, despite the sanctions law the US administration intends to impose on Syria.

Meantime, a Syrian oil source announced that a consortium composed of three international companies which are Petro- Canada ( Canada ), Occidental ( the USA) and Petrofak ( Britan) were chosen for the project of developing the gas sector in Syria at a cost of USD 700 million. The contract lasts for 15 years.

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