November 22, 2008

Lafarge to increase activities in Syria

Bloomberg reported that French cement maker Lafarge and major oil company Total will sign deals to increase their activities in Syria.

According to the agreement, Lafarge which will establish two cement factories, would make the group, the world's largest cement maker, the biggest foreign investor in Syria. Total produces an overall 15,000 barrels per day of crude oil in Syria, out of a company total of 2.4 million barrels per day worldwide.

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.

In addition to the Lafarge and Total deals, Airbus maker EADS and industrial power plant group Alstom have longer-term prospects in the country.