Syria taps Russian firms to develop offshore oil deposits in Mediterranean

Syria’s Minister of Petroleum and Mineral Resources Ali Ghanem told Sputnik news agency that two agreements have been signed with Russian companies to develop two deposits in the country’s territorial waters.

“In fact, there is a company that has signed a previous contract on the matter of one of the maritime blocks’ exploration, Block 2, and there is also another agreement with a Russian company for Block 1,” the minister said.

He did not give any details about the companies, but said there are still some final steps to be taken on contract ratification, with exploration to follow sometime in the near future.

According to the minister, Damascus intends to begin oil exploration in its territorial waters in the coming years. It is also looking forward to establishing a geological center in cooperation with Moscow.

Last September, Syria's Ministry of Oil and Mineral Resources signed three contracts with Russian companies in the field of surveying, drilling and production in the oil and gas sector.

For more stories on economy & finance visit RT's business section