Iran, Malaysia and Venezuela to build oil refinery in Syria

Nov 01, 2007 01:00 AM

Iran, Malaysia and Venezuela have signed a deal with Syria to build a $ 2.6-bn oil refinery in the centre of the Arab country.
The refinery with a capacity of 140,000 barrels of crude a day is to be built in Homs -- already home to an oil refinery -- about 160 km (100 miles) north of Damascus.

Iran, Syria and Venezuela are to contribute 30 % funding with the remainder being made up of loans and Malaysia's contribution. The agreement was signed by representatives of the four countries.
Syrian Deputy Prime Minister Abdullah Dardari said the aim was to cut imports of oil-based products into the country, where production has slumped to around 400,000 bpd, falling by 200,000 bpd since 1996.

Source: AFP
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