Syria wants to attract foreign investors to develop oil and power

Nov 19, 1999 01:00 AM

Syria is keen to attract foreign investors to help develop its oil industry, according to oil minister Maher Jamal. "The government wants to attract investment in prospection to increase oil and gas reserves," Jamal said.
He said Syria was also particularly interested in building gas-fuelled power stations, such as were already started at the beginning of the decade. Jamal said a feasibility study was underway for the construction of a third oil refinery in the north-eastern region of Deir al-Zur to complement the existing ones in Homs in central Syria, and Banias in the north west.
Tishrin said about 15 oil companies were currently prospecting in Syria. The companies producing oil in Syria include Shell and the French Elf Aquitaine.

Syria currently produces about 12.5 mm cmpd (467 mm cfpd) of gas in its Deir al-Zur field.
The US oil company Conoco and the French Elf signed a $ 430 mm deal in November 1998 to develop and process gas at the field.

Source: AFP via Iinoil
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