Today, Wednesday, the Assad regime, through its “Ministry of Oil and Mineral Resources”, signed a contract with the Russian “Capital Limited Liability” company to explore for oil in the Tartus Sea, for a period of 32 years, which can be extended.
According to loyal media agencies, the exploration will be within the exclusive economic zone of Syria in the Mediterranean Sea, off the coast of Tartus to the southern Syrian-Lebanese maritime borders, with an area of 2,250 square kilometers.
According to the sources’ estimates, the contract is divided into two periods, the first being “exploration” that may reach 7 years, starting from the signing of the contract, and the second “development”, with a period of 25 years, which can be extended for an additional 5 years.
The sources pointed out that the signed contract gives the Russian company an “exclusive right” to explore and develop oil, and the sharing of quotas will be linked to the price of oil or gas and the quantities produced, as she put it.
Russia has already acquired, through several companies, similar investment contracts, most notably in 2013, when the Assad regime signed a contract with the Russian “Seiznefta Gas East Med” company, in order to explore for oil and gas in the Syrian territorial waters.
The Assad regime had approved 3 contracts signed between the “Ministry of Oil and Mineral Resources” and the Russian “Mercury” and “Velada” companies, to explore for oil in several land areas within Syria.