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Petro-Canada eyes Syria riches

Petro-Canada is one of at least four companies that have bid to explore for oil and natural gas off Syria, according to the country's Deputy Oil Minister Hassan Zainab.

Syria will announce the winners in the second quarter of 2008, Zainab told Bloomberg in an interview published today.

Another Canadian company and one from Australia also bid, he said, without identifying them. The deadline to submit offers expired on 29 November.

The licensing round, announced in May, is Syria's first for sites in the Mediterranean Sea. It offers permits to explore in four areas, covering a total of 5000 square kilometres.

The offshore bidding round is the seventh auction of exploration rights held by Syria since 2000.

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