Syria awards oil contract to U.S. firm
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SPECIAL TO WORLD TRIBUNE.COM
Thursday, May 11, 2006
Syria has awarded a $127 million oil contract to a U.S.
company.
The regime of President Bashar Assad has awarded Marathon Oil a contract
to develop two oil fields in northern Syria. The Syrian government daily
Tishrin said Marathon and a Syrian state-owned company would develop Al
Shaer and Al Sharifah fields in Homs.
Under the deal, Marathon would be allowed to maintain the fields for 25
years, with an option for a five-year extension, Middle East Newsline reported. Tishrin said Marathon has
assessed that the fields could produce two million cubic meters of gas and
5,000 barrels of oil per day.
The contract was announced as the United States renewed a ban on exports
to Syria. A Syrian source was quoted by the Beirut-based Daily Star that the
contract was bogus. Marathon has not announced the deal.
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