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How is Oil Going Through the Syrian Border

Date Added: February 22, 2014 02:40:04 PM
Author: Wesley Rafn
Category: Business & Economy: Charity

Russia has agreed to a package with Syria to explore Syrian overseas oil and gas. This deal’s benefits are for more than economic reasons. The deal has been signed a month right after Syria persuaded its Russian ally to explore throughout Syria’s secure waters and break the oil sanctions enforced throughout Syria.The deal for “oil exploration, development and production throughout Syrian territorial waters” was drawn up at the Ministry of Oil and Mineral Resources in Damascus between the Syrian government, represented by the Syrian Oil Minister Suleiman al-Abbas and the General Oil Corporation, and the Russian Soyuzneftegaz organization.The actual Russian organization, founded during 2000, has carried out non-profitable search projects in north Syria. The brand new deal is definitely an expression associated with Moscow’s confidence that Syrian-Russian relations will certainly continue with any future Syrian government, regardless how the actual political crisis evolves.The Russian ambassador positioned Damascus, Azmatullah Kulmohamedov, who represented Soyuzneftegaz within signing the deal, reported that reaching a political decision for the actual Syrian crisis increases chances for co-operation between the two countries.The Syrian director general from the General Business of Power, Ali Abbas, said the deal is “the first to look for oil and gas in Syrian territorial waters, ” showing that this “funding will come from Russia, but if oil or gas is found in commercial amounts, Moscow is likely to recoup its construction expenses. ” This individual said the Russian company “will start implementing the deal immediately, bypassing the actual unfair economical sanctions in regards to the power industry. ”In the new oil discovery off the Mediterranean sea, the oil reserves are estimated at 35 trillion cubic meters. Based on the Gas and Oil journal, Syria has one of the largest offshore oil stores, calculated at 2.5 billion barrels, amongst the biggest among its neighbors, except for Korea.Based on the journal, the verified gas areas in Syrian territorial waters in late 2012 stood at about 8.4 trillion cubic ft. However the Syrian federal government has kept the state estimate about its offshore energy wealth a secret. Most Syrian officials actually rejected claims which Syria has offshore wealth and restricted the possibilities for Syrian-Lebanese maritime border area as well as gave them low estimates, too.The actual coastal areas are definitely the country’s safest, that makes the oil company’s work much easier. But “terrorist acts” cannot be totally prevented. Going ahead with this exploration represents that Syrian diplomatic regulations of the pair of allies have produced enough accomplishments to ensure many years of co-operation, especially right after ongoing military aggression in Syria grew to become more unlikely.Soyuzneftegaz is led by Russia’s former Resource Minister Yuri Shafranik. The company are operating in Russia, the Middle East, Central Asian countries, South America, East and South Africa, Australia as well as a few other places. According to the Russian Itar-Tass news publication, the prime drilling within the continental area in Syrian territorial waters will take place in an area of 2,190 square kms.Syrian experts previously discussed the existence of three oil fields stretching through the Lebanese border till the port of Banias and whose output could be 6 million to 7 million barrels every day.
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