Maiyaleh: Available Reserves Adequate to Face Any Crises

DAMASCUS,(ST)-The Governor of the Central Bank of Syria, Adib Maiyaleh, said that the available reserves at the central bank are adequate "to face any crises", stressing that "he is advancing in his policy toward those who manipulates the Syrian pound.

Earlier Mr. Maiyaleh described the rise of exchange rate of the dollar against the pound as "a bubble," noting that the value of the Syrian pound is based on strong foundations including the available reserves to the Central Bank.

He also stressed that the licenses of the institutions exchange that are contrary to law would be withdrawn, and the owners will be taken to the competent courts.

The central bank recently adopted several measures to keep the value of the pound, especailly holding several sessions of intervention in the exchange market to reduce the exchange rate of the dollar and the campaign to chase the money changers who violate law.


Re-activating Syrian, Bulgarian Economic Agreements

DAMASCUS, (ST) - The Minister of Economy and Foreign Trade, Dr. Khider Orfali, has confirmed the strong relations between Bulgaria and Syria, especially in the economic field and the possibility of re-activation of several projects and economic agreements, which will be reflected positively on the two sides.

During a meeting with a Bulgarian delegation headed by, Strakhil Angelov who is a member of the Bulgarian Parliament and Head of the Bulgarian- Syrian Parliamentary Friendship Group, the Minister pointed to the prospects of future cooperation between the two sides in terms of "barter and exchange of goods" and hoped that Bulgaria to play " an active participation in investment in Syria.”

Dr. Orfali gave a presentation on available investment opportunities in Syria and the damage hit to infrastructure and economic sectors, productivity and service institutions, private hospitals and schools as a result of the current situation.

For his part, Mr. Angelov expressed solidarity of the Bulgarian people with the Syrian people, stressing that "Bulgaria is looking to Syria as a strategic partner in the economic field and trade, pointing out that the Bulgarian side will send a large delegation of businessmen to Syria soon to discuss opportunities of cooperation with the Syrian side in the economic fields.

The members of the delegation, which included representatives of non-governmental organizations and different segments of the Bulgarian people, expressed their solidarity with the Syrian people in the face of terrorism and economic sanctions imposed on him.

Sharif el -Khatib

Oil Minister: Oil Production Rate 28.000 Barrels Per Day

DAMASCUS, (ST) -The Minister of Oil and Mineral Resources, Suleiman al –Abbas, affirmed that the current crisis experienced by Syria have led to "significant damage on the oil sector and the creation of a hard reality" whereas the imposition of Western sanctions on the oil and gas sector and the suspension of foreign companies working in the field of exploration and excavating led to technical and financial difficulties in insuring labor and production requirements.

During a meeting of following the implementation of the plans productivity and investment in 2013, the minister said that the last year had witnessed an increase in terrorist attacks for the production and transportation infrastructure of oil and gas that led to a decline in production and the difficulty of bringing it to the sites of refining and consumption and increased the losses of the oil and mineral wealth, amounting to 11,942 million barrels of oil until 2013.

“Despite all the difficulties and challenges, the workers in the ministry exerted great efforts to continue to supply power plants with gas and fuel needed to ensure the operation of these stations and to ensure the supply refineries with crude oil through alternative sources, noting that the value of the products of the oil and clean gas and domestic gas in 2013 amounted to 8.3 billion of dollar,” Mr. al –Abbas clarified.

The total oil produced in 2013 in Syria amounted to 10.140 million barrels at a rate of production of an average 28 thousand barrels per day, down 142 thousand barrels per day for an average production in 2012.

With respect to gas, the total production in Syria amounted to 6.151 billion cubic meters in 2013 of an average of 17 million cubic meters per day.

The value of total sales of the company fuel for 2013 from oil derivatives and cooking gas has reached 327.75 billion Syrian pounds while the value of total purchases of these materials estimated at 523.321 billion pounds, and the value of the support of petroleum products reached to 226.183 billion SP in 2013.

Sharif el -Khatib

Syrian, Chinese Tire Cooperation

DAMASCUSs, (ST) - The General Company of Tires "Aphamea" in Hama and the Chinese company “Kamk” signed a Memorandum of Understanding for the rehabilitation of machinery, equipment and materials for producing the necessary and popular measurements in the local market and the installation of new machinery in the building of the Ministry of Industry.

The memo included the continuation of cooperation and exchange of information between the two parties as an access to make an offer leads to the rehabilitation of machinery, equipment and materials in the General Company of Tires where the Chinese company offers a loan of credit for the tire company covers 85 percent of the value of the project in order to fund the works of development and rehabilitation.

The memo provided to supply modern production lines to produce new measurements of tires within the international standards equivalent to 18 thousand tons per year with the work on the development of 9 thousand tons of light and heavy tires in order to improve quality and increase production capacity and competitiveness.

According to the memo,  the Chinese company,  before submitting its offer, will send a technical delegation to see the reality of working in the tire company and with a proposal to send a technical delegation from the Syrian side to visit China and see the company's activity in the tire industry.

The two sides agreed that the Kamk company will train and qualify the Syrian caders according to a  program submitted with the offer and to sign a separate contract to provide technical and technological support for the Hama ompany upon request.

 The MoU was signed by the General Director of Aphamea Company,  Eng. Samer Haider,  and the Chinese side by Project Director of  Kamk, Zhang Iksan.

During his talks with the representatives of the Chinese company, the Industry Minister, Kamal EdineTome, stressed the importance of benefiting from the company's offer to develop the work, machinery and production lines from the technical and technological aspects and the development of production in Aphamea company to meet the needs of the local market.

Sh. Kh.

Syria, India to Strengthen Agricultural Cooperation

DAMASCUS, (ST) - Deputy Minister of Agriculture and Agrarian Reform, Dr. Louay Aslan,discussed here with the Indian charge d'affaires in Damascus, S. D. Sharma,ways of boosting relations and agricultural cooperation, especially in the field of import and registration of the Indian agricultural pesticides in Syria.

Dr. Aslan confirmed the need to develop cooperation between the two countries and the exchange of experiences and delegations of and opening the door for investment between the Syrian and Indian companies, pointing out that the volume of trade exchange with India amounted to 550 million dollars in 2008 and some 17 Indian companies are registered in Syria.

For his part, the Indian charge d'affaires clarified the importance of activating the signed agreements,technical cooperation and technical support in the field of agriculture and facilitating the procedures for the export of agricultural chemicals from India to Syria, pointing out that the Indian agricultural sector is large and provides great opportunities of cooperation with Syria.

Sh.  Kh.