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Russia-Syria $1.6-Billion Oil-Gas Project May Be Revived

27.07.2015 13:14

Russian Union of gas and Oil Industrialists' executive director Gissa Guchetl said Russian oil and gas companies may revive total $1.6 billion contracts with Syria if investment risks are eliminated and the country becomes stable.  

“If military actions cease and the situation becomes stable in Syria, Russian companies that have frozen their work because of the civil war will be ready to renew their activity within a short period of time in realizing projects that were signed before the crisis with an overall amount of no less than $1.6 billion,” Gissa Guchetl said in an interview.

Last week, Guchetl met with Syrian Prime Minister Wael Nader Halqi and Petroleum and Mineral Resources Minister Suleiman Abbas in Damascus. The Syrian side expressed its interest in Russian extraction companies supplying crude oil and other oil products to Syria. Cooperation with Russian and Chinese companies to boost extraction in national fields located in Syrian-government-controlled safe areas were discussed also.