Gulfsands seeks alternative to troubled Syria

Gulfsands Petroleum, the Syria-focused oil explorer, said it was looking for a "fast-track" opportunity to build another non-Syrian business unit, following the cessation of production due to the unrest.

Gulfsands' chairman Andrew West said: "We can but hope that the coming months will bring some respite from the present acute difficulties in Syria.

"In the interim, we are leaving no stone unturned in our continuing efforts to find attractive opportunities to deploy our financial and technical firepower into 'fast track' diversification," he added.

Despite turning off the pumps in Syria during the autumn, Gulfsands still managed a 23 per cent jump in profits to $55.1m (£34.5m) in 2011.