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UAE and Syria to consolidate co-operation in oil and gas sectors

posted on 18/03/2003: 574 views

A UAE delegation led by Obeid Bin Saif Al Nasiri, Minister of Petroleum and Mineral Resources, yesterday held talks with a Syrian delegation headed by Dr. Ibrahim Haddad, Syrian Oil Minister, on ways of furthering co-operation in oil and gas sectors. In a welcome statement, Haddad said that Nasiri's visit and the oil co-operation protocol to be signed between the two countries would be a new step towards consolidating co-operation in oil and gas sectors. Haddad expressed Syria's readiness to open doors before the UAE companies' participation in the distribution of petroleum products and the establishment of joint companies in the field as well as furthering co-operation in oil refining and gas fields.

He said that Syria decided to create a number of petroleum products and liquefied distribution companies, noting that the gas will be used in cars and will be delivered to houses and buildings. Both sides asserted the need to speed up the implementation of decisions made during the meeting of the UAE-Syrian Joint Committee chaired by Sheikh Abdullah bin Zayed Al Nahyan, Minister of Information and Culture, and Mohammed Al Hussein, Syrian Deputy Prime Minister for Economic Affairs.

For his side, Nasiri said that his visit would enable the UAE party to acquaint itself with the Syrian progress in the oil sector and ways of exchange expertise within the framework of boosting co-operation. He said that the co-operation agreement between the two countries covered oil, gas, minerals and services sectors as well as encouraging private and public sectors to enter into joint ventures in such fields. Nasiri added the co-operation agreement would be implemented in stages, asserting that there had been a number of opportunities in Syria, particularly in the fields of petroleum services and investment.

The two sides later signed a Protocol of Co-operation, urging private and public companies in both countries to investment in oil, gas and mineral sectors as well as other available investment opportunities. It also calls upon the private and public sectors of both countries to establish joint ventures in the fields of oil and gas exploration, production and marketing. (The Emirates News Agency, WAM)


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