Syria opens spigot on energy sector

April 15, 2010 at 10:27 AM
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DAMASCUS, Syria, April 15 (UPI) -- New developments in the Syrian oil and gas sector allow the country to expand production while ensuring a strong customer base, ministers said in Damascus.

Syrian Petroleum and Mineral Resources Minister Sufian Allawo at the SYROIL Exhibition in Damascus said his ministry signed 12 new contracts with various international companies to explore new oil fields in the country, the official Syrian Arab News Agency reports.

He added that energy investments in his country make up about 25 percent -- $5.5 billion -- of total government spending. Foreign investments total $3 billion in the Syrian oil and gas sector.

The Ebla Gas processing plant in central Syria, which goes into service in May, should produce around 245 million cubic feet of natural gas per day. Total gas production for Syria in 2010 should reach 1.1 trillion cfd, the minister added.

Meanwhile, Damascus and Caracas signed deals for diesel imports from Venezuela as well as joint oil ventures in Syria.

Syria, added Allawo, aims to increase its productivity through a series of renovations and additions to national refineries.

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