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Petro-Canada seals Syria deal, despite US.

Publication: The Oil Daily
Publication Date: 02-FEB-06
Format: Online
Delivery: Immediate Online Access
Full Article Title: Petro-Canada seals Syria deal, despite US.(Al-Furat Petroleum Co.)

Article Excerpt
Petro-Canada late Tuesday announced the conclusion of its sale of a 17% stake in Syria's Al-Furat Petroleum Co. (AFPC) to a joint venture of China National Petroleum Corp. (CNPC) and India's state-owned Oil and Natural Gas Corp. (ONGC).

The deal was sealed despite US pressure on India to rethink its investment, as part of Washington's efforts to isolate Damascus.

Petro-Canada also unexpectedly withdrew from the big Palmyra gas project in 2005. But the company is not turning its back on Syria completely: It still holds Block 2, where it plans to begin drilling this year, and submitted an offer in Syria's recent upstream bid round, sources tell Oil Daily.

One analyst argues that Petro-Canada is rejigging its portfolio after...

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