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October 10, 2008       Share:    

Source: http://www.atimes.com/atimes/Middle_East/JJ10Ak02.html

China to Explore for Oil in Syria

[Asia Times-Hong Kong] Stephen Starr - Syria's key oil and gas sector, which contributes a quarter of its GDP, is suffering from declining production as oil fields dry up. State-owned companies pumped 610,000 barrels out of the ground every day in 1995. Today, that is down to 350,000 barrels a day, with slightly less than half going to export. Meanwhile, consumption is soaring. In a move that may improve output, Chinese oil giant Sinopec has bought out a Canadian firm's oil exploration interests in Syria for $2 billion.

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