INA recalled in a statement that it possesses in Syria 55.9 million barrel equivalent of oil as proven and probable reserves, and that taking into account the current prices, revenues can be estimated at 4-5 billion dollars over the the project's life expectancy, which is usually between 25-30 years.
INA said it has informed the public that the completion of the construction of the central gas station Jihar in the Hayan block in that Arab country is expected by the end of this year and that the test production began in early December with an increase in the production capacities of gas and liquids.
This information was included in the financial report for the first nine months of 2010, all of which shows that there are no secrets in connection with the gas business in Syria or with its expected production, the Croatian company said.
INA recalled that mining rent, operational costs and further investments in the project should be deducted from the expected revenues. It went on to say that so far one billion dollars had been invested in the project.
Furthermore, the remaining revenues will have to be distributed between the investor and the Syrian side, and consequently, not all revenues will be left for INA, the Croatian company said.
MOL said in its press release that it and INA had together considered the development of the project in Syria and that the capital markets had been kept informed of it.
"There are no secrets. MOL is playing with open cards, " the Hungarian company said.