NICOSIA Ñ Syria has signed a contract with a U.S. company as part of
an effort to search for additional oil reserves.
The contract calls for the U.S. firm, Veritas, to search for crude oil
resources off the Mediterranean coast. The cost of the contract was reported
at $4 million.
The contract for the marine survey was signed on Saturday by Syrian Oil
Minister Ibrahim Haddad and Veritas chairman Ian Edward. Under the contract,
Veritas will have exclusive rights to survey Syrian territorial waters for
energy.
The results of the maritime oil survey will be made available to
international oil companies for a tender to explore and develop energy
resources in the Mediterranean. Haddad said the congressional passage of the
Syrian Accountability Act would not affect the contract. President George
Bush has not yet signed the legislation into law.
