` Russia’s Soyuzneftegaz Oil Offshore Exploration in Syria to take no less than 5-Years'

#AceFinanceNews – MOSCOW – Chairman of the board of Russian energy company Soyuzneftegaz Yuri Shafranik believes that exploration of oil fields in Syrian territorial waters will take no less than five years.

In his view, an oil pipeline may be built between that country and Iraq upon the end of hostilities in Syria.

The Syrian Ministry of Petroleum and Mineral Wealth and Russian energy company Soyuzneftegaz signed an deal on oil and gas offshore exploration in the Syrian capital of Damascus on December 25, 2013. So, Soyuzneftegaz became the first foreign and Russian company which was granted the right for oil exploration, development and production at Block-2 in Syrian territorial waters.

The company believes that oil exploration in Block-2 will take no less than five years, Shafranik said in an interview with British news agency Reuters. Upon results of oil exploration the company will make a conclusion whether commercial oil production is expedient there.

“If there is no possibility of normalising the situation throughout the country at once, the situation should be stabilised gradually in regions where it is possible to conclude an agreement,” Reuters quoted Shafranik as saying. “Then humanitarian aid should be provided, and then we should move on to energy projects, removing obstacles to them including any sanctions slowing down the country’s economic recovery,” he added.

Shafranik also dwelt on plans to build an oil pipeline between Iraq and Syria.

“The project could be carried out with the participation of Russian and Italian companies,” the Soyuzneftegaz chief executive said, adding that governments of Syria and Iraq support these plans and are prepared to launch their implementation upon the end of hostilities in Syria.

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