Syrian Oil Minister Calls Kuwaiti companies to invest in his country’s oil and gas field

Syrian Minister of Oil and Mineral Resources Sufian Alao called Kuwaiti investors and companies to invest in field of exploration and prospecting for oil, gas and mineral resources in Syria.

 

He noted ,in a statement to Syria-oil to investments made by some Kuwaiti companies in the field of oil, pointing to the “distinguished” relations between the two countries in various fields, and the two leaderships keen on to expand it.

 

Asked about Kuwaiti investments of oil area in Syria, Alao referring to (Noor) Kuwaiti financial investment company which will be setting up a refinery for refining oil in Aboukhashab in Deir Al-Zour east of the country in a power estimated by 140 thousand barrels per day and cost estimated at 3 billion and a half a billion U.S. dollars.

 

He added that the Noor company is distinct from companies invested in Syria with its genuine efforts and made much progress on the path to accomplish this major project after its economic study was completed, saying that it had currently seeking sources of financing from banks and lending institutions and put some of its shares for public subscription in private sector.

 

Alao said that Kuwaiti company Noor will also implement a large project in establishment of plants for the sale of fuels and oil derivatives throughout Syria.

 

The Syrian minister added that there is also a Kuwaiti company working with one other foreign company to prospect for oil and gas “and it is working well.”
Alao said that there are currently refining of oil refineries in the country which are Homs and Banias refinery production with capacity of up to 240 thousand barrels a day.

 

 

He disclosed that there are three new refineries will be established in the country first implemented by the Kuwaiti company Noor and the second will a joint venture between Syria, Iran and Venezuela with capacity by 140 thousand barrels a refinery and the third one carried out by China with capacity by 100 thousand barrels per day, explaining that hoped to be ready refineries between 2012 and 2013.

 

He added that new refineries would be in accordance with international standards because it is no longer permitted the production of oil derivatives with negative impacts on the environment, but “we will work on the production of oil derivatives-friendly environment.”

 

And about Syria’s production of oil Alao announcing that it currently produces an estimated 380 thousand barrels per day stressing that the ministry is making great efforts in increasing its oil production especially since Syria has good reserves of oil and gas.

 

He said that the ministry has over the past few years to conclude contracts and put up sites to international companies covering all the territory of the Syrian land for exploration and prospecting for oil and gas as well as contracts for the development of old fields through modern technology.

 

He added that the ministry conducted in cooperation with international companies surveys in Syrian territorial waters in particular that there are good indicators and promising that the Mediterranean Sea where oil reserves, where oil was discovered in Egypt, Gaza, Cyprus and Lebanon are currently searching for oil in these waters.

 

Asked about the investment cooperation in the field of oil and mineral resources between Syria and the GCC states Alao welcomed all companies in general and the Arab Gulf in particular for investment in oil refineries and the creation of refined.

 

He disclosed that one of the companies operating in the oil sector in the United Arab Emirates is studying the establishment of a refinery large oil refinery in Syria with production capacity estimated at 250 thousand barrels per day in addition to a study between a Syrian and UAE companies to implement a project for oil services.

 

The minister welcomed the Gulf companies to invest in Syria in the field of mineral wealth phosphate fertilizer manufacturing, pointing out that a company intends to establish national petrochemical factories and fertilizer urea in the event of material of gas.

 

He hoped to that Qatar will be able of marketing natural gas with both Saudi Arabia and Kuwait and then Iraq in order to link the network of gas hung on the current Arab and transferred by Egyptian gas to Jordan, Syria, Lebanon and Turkey.

 

The Syrian minister spoke about the importance of electric link project for the Gulf Cooperation Council states to form a link with the Seven electric current link between Egypt, Jordan, Syria, Lebanon, Iraq and Turkey, Libya and then to Algeria and Morocco, an Arab system for electric linkage.

 

He stressed the importance of this system in the interests of the peoples of the Arab region where the fuel needs of these countries to link power during the quarterly summer and winter.

 

He said that Syrian Oil Ministry new plans are primarily on Arab cooperation which is the basis of future projects ministry calling the Kuwaiti companies for the projects presented by the ministry for direct investment or through participation with other foreign companies to prospect for oil and gas.

 

He pointed out that the ministry decided to extend the work of the company (Dutch Shell) in Syria for a period of ten years according to new conditions set out by the ministry commensurate with the current situation of oil prices and the benefit to both parties.

 

He disclosed above that the ministry is studying the extension of the company (Total) French as an extension of the company Dutch Shell.