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FINANCIAL NEWS
Syria, Venezuela to complete joint refinery project
05 Dec 2010
(MENAFN) Syria and Venezuela have signed a memorandum of understanding (MoU) to set up executive steps to complete the joint Froklos refinery project in eastern Homs, Reuters reported.
Syrian Minister of Petroleum and Mineral Resources Soufian Allaw said the memo aims at following up on the implementation of the project of Froklos refinery with a capacity of 140,000 barrels per day at an estimated cost of $5 billion, based on a signed agreement between Syria, Iran, Venezuela and Malaysia.
A schedule was set for preparing the design studies. Based on the memo, the best study will be chosen through joint assessment of the bids after contracting with specialized world consulting companies.
The Syrian and Venezuelan sides will bear the costs of the studies in case the Iranian and Malaysian sides did not give their approval on them.
The agreement on establishing Froklos oil refinery was signed in March 2008.
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