Russian oil company to establish a refinery in Syria

Syria's Minister of Oil and Mineral Resources, Ibrahim Haddad, on Sunday conferred with the Director General of the Russian Trans KazOil Progress Company, Pereiv Nizami, on the Russian Company's offer to establish a petroleum refinery in Syria with a capacity of 140,000 bpd.

The new project will be made according to Investment Law No.10. The Russian Company will submit an economic feasibility that takes into consideration all conditions surrounding the project and requirements of crude oil to supply the refinery and selling the oil products, resulting from the project.

Talks also referred to the possibility for the Russian company to finance another project for developing Banyas Refinery on the Syrian Coast.

Following the meeting, Minister Haddad told SANA that the Russian Company submitted a request to the Investment Bureau to establish this refinery at an amount of $ 2 billions.

"The refinery will play an important role in developing the oil manufacturing sector in Syria and increasing petroleum products locally manufactured," the Minister of Oil added.