Conoco risks losing Syrian contract

US oil giant Conoco could lose a 350 million US dollar contract to develop gas in Syria because of proposed laws in the American congress to ban financial dealings with Damascus, a report said on July 28.

The Middle East Economic Survey (MEES), citing industry sources, said a letter of intent had been signed with Conoco, but Syria was reviewing it

s options and will probably look to Anglo Dutch rival Shell because of the proposed US sanctions.

The 350 million US dollar project is aimed developing gas reserves in Syria's Dair Al Zur field, MEES said, but added that the letter of intent with Conoco, awarded earlier this month, is neither final nor binding.