Syrian and Chinese governments signed Convention on new framework to provide a soft loan worth 28 million$ to finance a project about the purchase of equipment and rigs for the Syrian Oil Company.

 
The term of repayment in 15 years, at an interest rate by 2 percent within the framework of economic,scientific and technical cooperation between Syria and China.
The project aims to improve the conditions of drilling and production rigs in replacement of the current new rigs lead to accelerated exploratory drilling and production and increase production of the Syrian Oil Company noted that this project is to finance the contract ratified by Syrian cabinet in / 2007 / by the company of the Syrian Oil Company and / C BT DC / China for the supply / 7 / excavators new and / 4 / rehabilitation of wells and rigs / 2 / concrete pumping units.

The agreement was signed by Dr. Taiseer Alrada chief of the State Planning and Lee Hoachen Chinese Ambassador in Damascus attended by Eng. Sufian Allao Minister of Oil and Mineral Resources, Eng. Omar Al-Hamad Director General of the Syrian Oil Company and the Economic Adviser of the Chinese embassy and a number of professionals and the Oil Ministry and Chinese Embassy.

Allao stressed the importance of this Convention to increase oil exploration, rehabilitation and development of existing oil fields and thus promote economic and social development pointing to the collaboration with a number of Chinese oil companies in exploration, production and exploration.

 
The oil minister added that the amount of soft loan / 100 / million yuan previously, and the government agreed to use the remainder of the Framework Convention signed between the old and Syrian governments and Chinese and that both amounts will be allocated to finance the purchase of equipment and oil rigs.

 
Syria Oil