Syria Inks Oil, Gas Exploration Deal With Russian Firm

Syria has signed an oil and gas exploration deal with Russian firm Soyuzneftegaz, reports news agency AFP.

The deal will allow the Russian company to explore in an area of 2,190 square kilometres (850 square miles) in the Mediterranean off the Syrian coast.

The contract "is the first ever for oil and gas exploration in Syria's waters," head of the General Petroleum Company Ali Abbas told AFP.

"It will be financed by Russia, and should oil and gas be discovered in commercial quantities, Moscow will recover the exploration costs," the news agency quotes Abbas.

According to AFP the contract covers 25 years over several phases and cost exploration and discovery has been pegged at $100 million.

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