Damascus signed an oil and gas exploration deal with a Russian company in the Syrian capital Wednesday that will allow for exploration in a section of Syrian waters, an AFP journalist witnessed.

The agreement was signed by Syrian Oil Minister Suleiman Abbas, Syria 's General Petroleum Co. and the Russian Soyuzneftegaz company.

The deal permits the exploration of an area of 850 square miles in the Mediterranean Sea off the Syrian coast.

The contract "is the first ever for oil and gas exploration in Syria 's waters," Ali Abbas, head of General Petroleum, told AFP.

"It will be financed by Russia , and should oil and gas be discovered in commercial quantities, Moscow will recover the exploration costs," Mr. Abbas said.

Oil Minister Abbas, meanwhile, said during the signing ceremony that the contract covers "25 years, over several phases," and that "the cost of exploration and discovery is $100 million."
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