Iran and Venezuela to launch oil refinery in Syria

Sep 24, 2009 02:00 AM

Iran and Venezuela signed a MoU for a joint venture to construct a $ 1.5 bn oil refinery in Syria, with the capacity of 140,000 barrels of oil per day, Iran's Oil Ministry announced.
"The joint venture in Syria has been on the books since the two countries have improved and strengthened bilateral economic trade activities," said Mohammad-Ali Talebi, a senior official at Iran's Petropars Oil and Gas Company.

Talebi said Iran would hold a 26 % stake in the project, while Venezuela would take 33 %.
"The balance will be shared by Malaysia and Syria on a 15 and 26 % basis," he added.

Earlier this month Iran and Venezuela, both OPEC members, signed a number of cooperation agreements for new projects in the oil sector during a recent visit by Venezuelan President Hugo Chavez to Tehran. Both sides agreed to invest $ 760 mm in each other's energy sectors.
"Our aim is to be able to compete with foreign oil companies and to expand our operations in the global oil market," Talebi said.

According to the agreement, Iran will provide 20 % of crude oil, Venezuela will supply 30 % and Syria will supply the balance.

Source / Regional Press Network
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