Ron Brenneman said negotiations on the so-called South Middle Area gas project were..
Canadian oil and gas group Petro-Canada announced its record operating earnings of $1.9 billion in 2004; however, unfortunately, its plans for a natural gas project in Syria had fallen apart.
The company?s CEO Ron Brenneman said negotiations on the so-called South Middle Area gas project were stopped by the Syrian government earlier in January.
''They decided to develop the project themselves, rather than award it to a foreign consortium,'' Brenneman explained.
''We're obviously disappointed with this outcome, but we have several other opportunities in the hopper to deliver long-term growth.''
Last April Petro-Canada announced it had been selected by the Syrians, along with U.S. partner Occidental Petroleum Corp., to build the substantial project.
Brenneman said at the time that Petro-Canada was to be a 45 per cent partner and operator of the project, which included several gas treatment plants and developing up to 15 natural gas discoveries.
Petro-Canada's shares were up 24 cents to $64.19 in early-afternoon trading on the Toronto stock market.
Cash flow for the fourth quarter soared to just over $1 billion from $628 million.
