Syrian signs oil and gas exploration contract with Canada and Kuwait
Syria-Canada, Economics, 8/19/2005

Syria signed a contact for oil and gas exploration with a Canadian and Kuwaiti companies in the west of Palmyra old city among the territories stretching between the Homs and Hama governorates, central Syria, SANA said today.

The Syrian company for petroleum inked the contract yesterday with the Canadian Stratic Energy Corporation as well the Kuwaiti Foreign Petroleum Explorations Company.

Representatives of the two companies said in a press conference after the signatory that, "investment atmosphere in the field of oil in Syria is very encouraging and the oil ministry is providing all facilities needed to these companies as to do their job in the best way." They noted that the contract will end in 25 years starting from the first commercial production date to be extended for 5 years at the two companies's request and the Syrian Company for Petroleum approval.

The contract says there are two extension periods during which the two companies will spend $ 92,000,000 for 48 months and 36 months and two wells will be digged.

Shares will be divided by allocating 12,5 % of the whole drilled petrol to the Syrian government.

Minister of Petroleum and Mineral Sources Ibrahim Haddad and Director General of the Syrian Petroleum Company DG Ahmed Moualla as well as the Chairman of Staric Energy Corporation and Director of the Kuwaiti company Abdullah al-Nibari signed the contract.

Previous Stories:
  Oil exploration agreement in Palmyra   (8/18/2005)
  Syrian oil company comes first among Shell partners   (8/4/2005)
  Exxon-Mobile sells its share in a private Syrian company   (7/11/2005)
  Syria Canada sign Oil Contract agreement   (12/1/2004)
  Pertro Canada gets oil and gas rights in Syria   (11/14/2003)

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