Oil and Gas News
Shell strikes 42-million dollar exploration deals in Syria
Oct 4, 2006, 22:19 GMT
Damascus - The Syrian oil ministry on Wednesday signed two 20-year contracts worth 42 million dollars with Royal Dutch Shell, giving the firm the right to explore for oil and gas in northeastern Syria.
Under a 20-million-dollar contract, Shell will be able to explore and excavate southwest of Deir El-Zour some 450 kilometres northeast of Damascus to the Iraqi border.
Another 22-million-dollar contract allows Shell to explore for oil south of Palmyra, which is 256 kilometres north of Damascus.
Under the contracts, Syria will receive 12.5 per cent of the oil product and Shell will provide 50,000 dollars annually to train Syrian Oil Company employees.
Ahmad Moalla, Syrian Oil Company executive, and Campbell Keir, general manager of Shell's operations in Syria, signed the contracts.
© 2006 dpa - Deutsche Presse-AgenturCOMMENT
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