Syrien

[Skywalker]

CHINA, SYRIA LAUNCH FIRST OIL VENTURE


NICOSIA [MENL] -- China and Syria have launched their first joint oil venture.

The Sino-Syrian Kawkab Oil Co. said it would develop an old oil field in northeastern Syria. The new company was formed by China National Oil and Gas Exploration and Development Corp. and the Syrian Oil Co. -- each of which has an equal stake in Sino-Syrian.

The first Sino-Syrian project called for the resumption of activities at the Gbeibe oil field, 600 kilometers northeast of Damascus. China National won the Gbeibe project in 2001, defeating competitors from Canada, Russia and the United States. Syria was said to have a daily oil output of 500,000 barrels per day.

"This was a good beginning in oil cooperation between the two countries," Syrian Oil Minister Ibrahim Haddad said.

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