Western Oil Companies Strengthen Presence in Syrian Energy Market

In recent days, several foreign energy companies have announced steps to invest in Syria’s oil, gas, electricity, and mineral sectors. 

The Ministry of Energy is in talks with major U.S. energy player Chevron; Conoco Phillips and Novaterra have signed a Memorandum of Understanding (MoU) to develop existing gas fields and to explore new fields; UAE-based Dana Gas has signed a MoU to explore natural gas fields; and Serbian Elixir Group is preparing to enter in the phosphate sector. 

The Syrian government has also announced a project to relocate the Homs refinery, and has reduced the prices of petroleum derivatives. 

Source: The Syrian Report


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