China offers 250 millions Yuan as loan to Syrian Petroleum Company |
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DAMASCUS - Syria and China on Wednesday signed an agreement through which the Chinese government offers the Syrian Petroleum CompanySyrian Petroleum Company
250 millions Yuan as a loan to fund a project on purchasing equipment and drills. The 15-years long project aims at improving the conditions of excavations and production by substituting the current drills with new ones to accelerate excavation processes and increase production of the Syrian Petroleum CompanySyrian Petroleum Company
. The agreement, with 2% interest, was signed by Chairman of the State Planning Commission Tayer al-Riddawi and the Chinese Ambassador on Damascus in the presence of Petroleum Minister Sufian al-Alaw.
Following the signing ceremony, Minister Alaw underlined the importance of this agreement in increasing oil exploration, reform and developing the standing oil wells in a way that supports social and economic development in the country.
By Mazen
© SANA (Syria Arab News Agency) 2008
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