Syria-Croatia sign gas agreement
Syria-Croatia, Economics, 8/30/2005

The Syrian Ministry of Petroleum and Mineral Resources Sunday evening signed an agreement to sell the produced gas by the Croatian Company INA and the two Syrian companies for oil and gas.

The agreement allowed for both companies jointly to develop Jhar gas field, in the Syrian desert, according to (Hayan Contract) which was signed between INA and the Ministry of Petroleum as well as establishing a special unit to treat produced gas and sell it to the Syrian authorities.

"It was decided to produce about 3 million cubic meters of gas daily, where the site of the gas station is 50 km northwest of Palmyra," SANA said.

Minister of Petroleum and Mineral Resources Ibrahim Haddad and Chairman of the administrative board of INA inked the accord.

Haddad pledged to offer all the necessary help and support within the framework of the coordination and cooperation, exchanging expertise and expanding the investment fields in Syria, expressing hope that the joint cooperation "is to continue between the two Syrian and Croatian sides." INA company is a Croatian company specialized in gas and oil exploration in Syria since many years and it gained commercial exploration rights for the area of northwest Palmyra, which led to announcing a joint working company between the two Syrian companies for gas and oil and INA under the name (Hayan Company for Oil).

INA is the vertically integrated national oil and gas company of Croatia. INA's business comprises activities in the exploration and production of hydrocarbons, refining and wholesale operations and retail of petroleum products. In 2001, INA produced 2 million tonnes of crude oil and 1.8bcm of natural gas in Croatia and abroad. INA owns and operates two fuel refineries and two lube refineries in Croatia which processed 4.8 million tonnes of crude oil in 2001 and supplies a network of some 450 outlets in Croatia and abroad with a total domestic throughput of 1.2 million tonnes in 2001. Consolidated sales (per the 2001 draft audited accounts) was HRK 16,122 million (USD 1,919 million) and total assets were HRK 14,873 million (USD 1,780 million). INA is strategically important to the Croatian economy and employs some 17,000 persons. The Government of Croatia is the sole owner of the share capital of INA.

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