26 Dec 2013

Syria signs oil deal

4:43 pm on 26 December 2013

Syria has signed an oil and gas exploration deal with a Russian company in Damascus which will allow for exploration in the Mediterranean Sea.

The agreement was signed by Oil Minister Suleiman Abbas, the General Petroleum Company of Syria and the Soyuzneftegaz company of Russia on Wednesday.

AFP reports that it permits the exploration of an area of 2190 square km off the Syrian coast.

Oil Minister Abbas said during the contract covers 25 years and exploration costs would be financed by Russia.