Iran, Malaysia, Syria, Venezuela Sign Refinery Deal

A03119061.jpgIran, Malaysia, Venezuela have signed a deal with Syria on Wednesday to build a 2.6-bln-dollar 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 kilometers (100 miles) north of Damascus.

Iran, Syria and Venezuela are to contribute 30 percent funding with the remainder being made up of loans and Malaysia’s contribution, which was not specified.

The agreement was signed by representatives from 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 barrels per day (bpd), falling by 200,000 bpd since 1996.

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