Iran and Venezuela to build refinery in Syria
Friday, September 25, 2009 E-Mail this story Free Headline Alerts
NICOSIA Ñ Iran plans to construct an oil refinery in Syria that would be primarily financed by Venezuela.
The Iranian Oil Ministry said Iran and Venezuela have agreed to construct a refinery in Syria with a capacity to process 140,000 barrels of crude oil per day.
Officials said Venezuela would have the largest stake in the project, with 33 percent, followed by Iran and Syria, with 26 percent each, and Malaysia, with 15 percent.
"The construction of a refinery in Syria has been foreseen as the first joint international activity of the two countries [Iran and Venezuela]," Mohammad Ali Talebi, a senior executive at Iran's state-owned Petropars Oil and Gas Co., said.
The refinery project would be conducted by Venirogc, a joint energy venture by Iran and Venezuela.
The Oil Ministry said Syria would supply 50 percent of crude oil for the refinery, with Iran and Venezuela providing 20 percent and 30 percent, respectively.