Syria signs contract with Russian company on offshore oil exploration

Syrian Minister of Petroleum and Mineral Wealth Suleiman Al-Abbas on Wednesday signed a contract with Russian energy giant Soyuzneftegaz on the exploration for and development of oil reserves in Syria's territorial waters. The contract concerns the development of offshore oilfields in Bloc 2 extending from southern coasts of Tartus to Baniyas over an area which is 70 km long and 30 km wide, the minister said after the signing ceremony. Under the deal, the Russian company is to invest up to USD 15 million in the first stage and USD 75 million in the second stage, he told SANA news agency.