Iran and Venezuela to build $1.5bn Syrian refineryby Kevin Baxter on Sep 23, 2009
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A senior Iranian oil official has said that the country has signed a memorandum of understanding (MoU) with Venezuela that will see the two countries build a US$1.5 billion oil refinery in Syria
Iranian news agency Shana reported that , Petropars deputy director for international affairs, Mohammad-Ali Talebi, said that ownership of the 140,000 barrels per day (bpd) refinery would be split between Venezuela (33%), Iran and Syria (both 26%) and Malyasia (15%).
“The joint venture in Syria has been on the books since the two countries have improved and strengthened bilateral economic trade activities,” Talebi is quoted as saying.
“Our aim is to be able to compete with foreign oil companies and to expand our operations in the global oil market,” he added.
The official did not reveal when construction would begin but did say that the Venezuela Iran Oil and Gas Company (VENIROGC), a joint venture set up by the two countries to develop hydrocarbon projects, would be in charge of the project.
"Launching an oil refinery in Syria will be the company's first project," Talebi said.
The crude oil for the refinery will be supplied by Iran (20%), Venezuela (30%) and Syria (50%).