Russian oil exploration companies open Syria branches
DAMASCUS, Syria (North Press) – On Friday, Syrian and Russian media outlets said that the Syrian government had granted approval to two Russian companies in Damascus to explore for oil in Syria.
The Aliqtisadi website stated that the State Ministry of Economy approved the request submitted by the Russian Mercury and Vilada companies to open two branches in Damascus.
Mercury has a capital of 7.35 million rubles [over 99,000 USD], while Vilada’s capital is recorded at 7.3 million rubles.
In December 2019, the Syrian People’s Assembly approved agreements with the two Russian companies on developing oil and gas fields in Syria.
The Syrian government official agency SANA stated that the contracts approved by the People’s Assembly were signed earlier this year with the two Russian companies.
The area of oil fields agreed upon with the two companies exceeds 12,000 square kilometers, while gas reserves are equivalent to three quarters of a trillion cubic meters.
In 2019, the Syrian Ministry of Oil signed three long-term contracts with Russian companies regarding the exploration of oil and gas fields, including Russian companies’ exploration for oil in Syrian territorial waters.
Vilada was established with a capital of 10,000 rubles [160 US dollars] in 2015, according to the Russian Interfax news agency.
Mercury has been granted contracts to provide food to the Russian military, before it suddenly disappeared and reappeared recently in Syria as a prospector for oil and gas.