UPI: Iran and Syria signed a broad memorandum of understanding in the oil and gas sector that includes exploration and pipeline development.
United Press International
DAMASCUS, Syria, April 3 (UPI) — Iran and Syria signed a broad memorandum of understanding in the oil and gas sector that includes exploration and pipeline development.
Sufian Allaw, the Syrian energy minister, said the package foresees development of upstream activities, drilling and exploration and the possible construction of the Persian Pipeline from Iran to Europe.
The 2,100-mile Persian Pipeline would bring an estimated 1.3 trillion cubic feet to markets in Europe along a path that includes Turkey, Iraq and Syria.
Both sides are also expected to move forward with the development of oil refineries in Syria as well as discuss plans to include Iraq in the Persian Pipeline talks, the official Islamic Republic News Agency reports.
Iranian officials had expressed optimism over the deal in earlier talks, saying it gave the Islamic Republic the option to deliver gas from its South Pars field to Europe.
Iran sits on roughly 948 trillion cubic feet of natural gas reserves, the second-largest reserve volume in the world after Russia.