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Friday, November 2, 2007       Free Headline Alerts

Iran, Venezuela to help Syria with $2.6 billion refinery

NICOSIA — Syria's allies have agreed to help finance a major oil refinery.

Iran, Malaysia and Venezuela have signed an agreement to build a $2.6 billion oil refinery in Homs, Syria. Officials said the refinery would have a capacity of 140,000 barrels per day.

The Iranian semi-official Fars News Agency reported that Iran, Syria and Venezuela would contribute 30 percent of the cost of the refinery, Middle East Newsline reported. Fars said Malaysia and unspecified loans would pay for the rest of the project.

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Syrian Deputy Prime Minister Abdullah Dardari said the refinery would reduce imports of fuel and other petroleum products. Syrian crude oil production has fallen steadily and reached 400,000 barrels per day, a decline of one-third since 1996.

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