Russia signs energy deal with Syria to tap Mediterranean reserves

Special to WorldTribune.com

MOSCOW — Russia, the leading ally in the war against Sunni rebels, has signed an offshore energy exploration deal with Syria.

Russians will search for oil in the Syrian territorial waters in the area between Banyas city and Tartous city. The block covers approximately 2,190 square kilometers. — Russia will search for oil in the Syrian territorial waters in the area between Banias and Tartous . The block covers approximately 2,190 square kilometers.

Industry sources said Russia’s Soyuzneftegas signed a $90 million
contract with the Syrian Oil Ministry in December. They said the deal
stipulated that Soyuzneftegas would explore and develop crude oil and
natural gas reserves in the eastern Mediterranean Sea.

“This marks Russia’s entry into the Mediterranean energy market and
consolidates its strategic alliance with Syria for at least another decade,”
the source said.

Under the deal, Soyuzneftegas would explore in an offshore bloc of 2,190
square kilometers off the coast between the Syrian cities of Banias and
Tartous.

The sources said Soyuzneftegas has determined that the bloc, in
wake of nearby discoveries by Israel and the Republic of Cyprus, could
be commercially viable.

eastern Mediterranean, Russia signs energy deal with Syria to tap Mediterranean reserves, Soyuzneftegas, Syrian Oil Ministry

Russia signs energy deal with Syria to tap Mediterranean reserves added by World Tribune on January 23, 2014
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