Shell Oil has US $5 billion in Syrian investments
Syria, Business, 11/20/1998

The joint British-Dutch Shell Oil Company said the volume of its investments in Syria have exceeded US $5 billion, which makes of it one of the lagrest foreign investors in Syria.

The company expressed readiness to increase its investments in the future in oil and petrochemical projects. It added that "drilling works in the first oil well, the new al-Walid and Zenobia fields will start next month."

Director General of Syrian Shell, Robert Venere, said that standing cooperation between Shell, its German partner, the Syrian government and the Syrian Petroleum Company accounts for more than 60% of Syria's total oil production and 150 million cubic feet per day of gas. Shell is linked with four partnership contracts in oil production in Syria in collaboration with the German Dimnex, which changed its name to Viba in October.

The German company owns 37.5% against 62.5% owned by Shell. According to their shares Shell - Dimnex owns 50% of the SPC, which is the working company which the SPC have 50%.

Shell-Syria's director general said in a statement to the quarterly Shell Middle East issued in Dubai that the oil fields located in two areas under the company's administration in Syria, Deie ezz Zour, and al-Cham, have reached their production peak.

He noted that the company is producing in Omar, field which is the main source of the company's production. Venere estimated Syria's production at 600,000 barrels per day, of which al-Furat Oil Company produces 350,000 barrels per day.

He added, "Through the al-Furat Oil Company, Shell helps in producing 60 percent of Syria's total oil production." He continued, "Shell has an agreement for gas investment according to which the company collects the gas resulted during oil production operations from producing oil fields and then the gas transferred through pipelines to Omar Gas Factory," where it is treated and then transferred to electricity generation factories."

Previous Stories:
  Syrian Premier meets with World Bank official   (11/19/1998)
  Syrian government discusses visit of trade minister to Iraq   (10/30/1998)
  Syrian-European partnership negotiations   (10/21/1998)

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