Oil, Gas & Mining

The Arab Company for Gas, the firm that will manage the regional gas pipeline will have a paid-up capital of USD200 million and will be based in Beirut, according to Mena report.
The French oil giant, TotalFinaElf, is planning to bring down its presence in Syria following the delay of several major projects in the country.
Syria has signed a contract with Iraq to develop the al-Noor oil field located in western Iraq.
Syria will soon notify Lebanon of the discount it will be offered for the purchase of gas, after the two countries signed last month an agreement to sell Syrian gas to Lebanon at a discounted rate.
Syria's exports of crude oil have not yet been affected by Iraq's decision to halt its exports in support of the Palestinian resistance uprising, reported al-Quds.
BHP Billiton, the anglo-australian conglomerate, is planning to invest up to USD400 million in Syria's expanding gas sector.
Iraq and Syria are expected to issue tenders for the building of an oil pipeline between them within two weeks, said Taha Mahmoud Moussa, Iraq's Oil Ministry Under-secretary.
Syria is currently producing 550,000 barrels of oil a day. This is what said yesterday Ibrahim Haddad, Ministry of oil and mineral resources, at the opening of Syroil, the largest oil exhibition in the country.
Phosphate production should reach 2.6 million tons this year, according to Furhan al-Musin, director-general of the state-owned General company for phosphate & mines.
The feasibility study for the building of a new pipeline carrying Iraqi oil through Syria has been completed, said Ibrahim Haddad, Syria's Minister of oil and mineral resources.
The construction of a huge gas pipeline and exploiting vast oil deposits in the eastern Mediterranean will top the agenda at a major energy meeting next month in Jordan.
According to Teshreen, the capacity of Banias oil refinery will be raised to 9 million tons a year from the current 6 million within the five coming years.
The Syrian government is currently negotiating with the European Investment Bank to expand the country's refining capacity.
The gas pipeline that will eventually link Egypt to Syria will be partly funded by Arab financial institutions.
Egypt's Orient Gas company completed the first phase of the pipeline linking Egypt to Jordan, Lebanon and Syria.


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