Lafarge, Total to sign Syrian deals

Lafarge, Total to sign Syrian deals
Published: 05 September 2008

Lafarge and major oil company Total will sign deals to boost their activities in Syria in the wake of President Nicolas Sarkozy’s visit, officials and company executives said.

The Lafarge deal to set up two cement factories would make the group, the world’s largest cement maker, the biggest foreign investor in Syria, an official travelling with Sarkozy said overnight.

"It’s done. It will be signed this month," the official told reporters on condition of anonymity.

Total Chief Executive Christophe de Margerie said Total would sign deals for an oil block extension at Deir Ez Zor and for a gas development deal in the country as well as a separate deal to strengthen its activities in Syria.

Total produces a total of 15,000 barrels per day of crude oil in Syria, out of a company total of 2.4 million barrels per day worldwide.

The Total deals are due to be signed on Thursday evening, after the departure of Sarkozy, whose visit was billed as a political mission to boost ties with Damascus rather than a trip to win business deals.

Source: Reuters