Syria: $1.5 bln agreement with Iran and Venezuela to build oil refinery

Click here: Adnkronos.com – Syria: $1.5 bln agreement with Iran and Venezuela to build oil refinery

Syria’s ministry of petroleum and mineral resources on Tuesday signed an agreement for the establishment of an oil refinery with Iran, Venezuela and the Malaysian al-Bukhri Group in the area of Eastern Homs in Central Syria, reported Syrian state news agency SANA. The refinery will be able to produce up to 140,000 barrels per day (bpd) and the investment is expected to reach 1.5 billion dollars.

The Syrian oil minister will meet Iran’s deputy oil minister Mohammed Reza Neematzadeh, as well as Venezuela’s director general of refineries, Roberto Delgado. The agreement comes after recent sanctions imposed on Iran by the US government. The country currently has the world’s second largest reserves of conventional crude oil.

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