Iran, Venezuela, Syria oil refinery project
Syria-Iran-Venezuela, Economics, 10/31/2006

Iran, Venezuela and Syria have formed a consortium to construct an oil refinery in Syria.

Officials of the three countries Tuesday signed a memorandum of understanding to implement the project.

Iran's deputy oil minister Mohammad-Reza Nematzadeh, Syria's deputy oil minister Hassan Zeinab, and Venezuela's director general of refinery affairs Roberto Del Gado were present at the ceremony.

According to estimates, funds for implementation of the project are about dlrs 1.5 billion, and relevant studies will determine each party's share in investment.

At this time, there are two possible locations for construction of oil project near Damascus, but one of them will be chosen for implementation of the project.

Syrian oil minister Sufian Alaw and Iranian Charge d'Affaires in Syria Ghazanfar Roknabadi also took part in the ceremony of signing the memorandum of understanding.

The three countries' presidents raised the plan of the joint venture to construct a refinery with the capacity of 140,000 bpd of oil.

Iran, Syria and Venezuela's common political and economic stances are based on combating US expansionism to promote multi-polar world order which can enjoy development, freedom and sovereignty.

Hugo Chavez, Venezuelan president, paid a visit to Syria in September during which he praised Iranian President Mahmoud Ahmadinejad's stance against US pressures.

He stipulated in a news conference that Venezuela and Syria would also follow up Iran's stance to confront US pressure.

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