Oil, Gas & Mining
The Islamic Development Bank has accepted to part-finance the building of the third phase of the Arab Gas Pipeline that will run from the Jordanian border to the city of Homs.
The Ministry of Oil and Mineral Resources has awarded Loon Energy Inc. the right to negotiate a production sharing contract for Block N°9, a statement from the Canadian-based company said.
The General Company for Phosphate & Mines (GCPM) is planning to produce 3.475 million tonnes of phosphate this year, according to Farhan al-Mohsen, its Director-General.
The Arab Fund for Economic and Social Development (AFESD) has accepted to finance the third phase of the Arab Gas Pipeline that will run from the Syrian-Jordanian border to the city of Homs.
Petro-Canada is taking over Marathon Oil’s share over its contract to develop gas fields in the region of Palmyra according to diplomatic sources in Damascus.
Marathon Oil Company has ended a dispute with the Syrian Ministry of Oil that has been running since the early eighties and its discovery at the time of two gas fields.
Shell is the front-runner to win the E&P contracts over the two blocks it bid for in the last round, according to Sufian al-Alao, the recently-appointed Minister of Oil and Mineral Resources.
The Syrian Ministry of Oil has awarded Soyuzneftegas an E&P contract over Block 12. The Block was initially offered for development in the bidding round held in December 2003 and not in the latest round held in December 2005.
Tanganyika Oil Company Ltd is increasing its share capital by CAD 59 million (USD 53.10 million) to fund its activities in Syria “as well as for general corporate purposes”, according to a company’s press release.
Gulfsands is starting drilling works on Block 26 acording to a statement from the company. The US-British independent oil company has said that it had entered into agreement with two engineering companies for the drilling of three wells.
Syria and Iran are discussing the establishment of an Iranian strategic oil pipeline which will cross Iraq and Syria to the Mediterranean, the official Syrian daily al-Thawra reported on March 7.
The demand for diesel oil is expected to reach 8.58 million tons in 2006, according to Abdallah Khatab, director-general of Mahrukat, the state-owned company in charge of the distribution of oil products.
Egypt and Turkey have signed a memorandum of understanding on the marketing of the Egyptian gas that will be supplied to Turkey after the Arab regional gas pipeline is completed.
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