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FINANCIAL NEWS
Syria cancels refinery deal with Kuwaiti firm
06 Apr 2010
(MENAFN) Syrian Oil Minister Sufian Alao said that the government has canceled a deal with Kuwait’s Noor Financial to build a 140,000 barrel per day refinery in eastern Syria, Reuters reported.
Alao did not give a reason for ending the deal. He said the government remained in talks with other foreign investors for them to build two other refineries with a combined capacity of 240,000 bpd.
The two sides signed a memorandum of understanding (MoU) in 2007 to construct the $1.7 billion refinery. Later that year they signed an agreement with British consultants Wood McKenzie for a feasibility study.
It is worth mentioning that Noor is a division of the National Industries Holding Group, a Kuwaiti conglomerate linked to the Kharafis, a Gulf business and political family.
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