MEED reported that Iran and Venezuela have signed a deal to build a USD 1.5 billion oil refinery in Syria with planned capacity of 140,000 barrels per day.
According to the state run energy news agency Shana, the new venture, Venirogc was formed in early September after Venezuelan President Mr Hugo Chavez’s visit to Tehran. It appears to replace a similar Syrian refinery deal planned in September 2008 by Iran and Venezuela for 140,000 barrels per day facility in Furoqlos near Homs.
Mr Mohammad Ali Talebi deputy director for international affairs at Petropars said that the ownership of the refinery would be split between Venezuela with a 33% share, Iran and Syria with 26% stakes respectively and Malaysia will hold 15%.
Syria will supply 70,000 barrels per day of oil to the refinery and Venezuela will supply 42,000 barrels per day. Iran will supply the remaining 28,000 barrels per day.
In April 2008, Syria signed an agreement with China National Petroleum Corporation to build 100,000 barrels per day refinery in the Abu Khashab area of Deir al Zor in the east. The facility will refine heavy Syrian crude oil as well as other types of crude and is due to be completed by 2011.
Damascus has also signed a contract with Kuwait’s Noor Petroleum for a 140,000 barrels per day refinery at Dair al Zour following a memorandum of understanding agreed in May 2007.
