CNPC buys stake in Syria Shell Petroleum

19 May 2010

(MENAFN) China National Petroleum Corporation (CNPC) announced that it had concluded an agreement with Shell to acquire a 35-percent stake in Syria Shell Petroleum Development (SSPD), Reuters reported.

SSPD has interests in three production licenses: Deir-Ez-Zor, Fourth Annex and Ash Sham that are operated by the Al Furat Petroleum Company (AFPC), in which Shell has an interest of 31.25 percent, said a statement released by CNPC.

The agreement strengthens the partnership between Shell and CNPC. Both parties would look to continue growing and investing in opportunities in Syria’s upstream industry, said the statement.

The licenses cover 40 oil fields, in which Shell had a share of 23,000 barrels oil equivalent per day last year.

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