Registered: Jun 2004
Local time: 08:17 AM
Syria and Russia to Build a USD 2,7 Billion Oil complex in Deir el-Zour
Tuesday, December 27, 2005 - 11:15 AM
Damascus (SANA-Syrian News Agency)-
Minister of Petroleum and Mineral Resources Dr. Ibrahim Haddad and Director
General of the Russian Company for Investment Credit Line Pyrev Nizami
signed a Memo of Understanding to build an USD 2,7 billion oil complex
consisting of an oil refinery and a petrochemical complex in the Syrian
province Deir el-Zour.
The Memo states that Credit Line would build the refinery through an
adequate company in terms of protecting the environment and provision of raw
oil to operate the project by importing it from abroad or from local
markets, if available, in current world prices as decided by the Oil
Marketing Commission at the Syrian Premiership.
The Russian company will also be committed to build a petrochemical complex
with an annual capacity of 1,6 million tons of NAFTA, and finish the project
within five years maximum.
The Syrian side will be committed to providing the land for the project as
well as carrying out the infrastructure, including waters, electricity,
roads and administrative facilities.
The Minister told SANA staff writer following that signing of the Memo that
the production capacity of the oil refinery would be at 140,000 bpd, adding
that around 2000 workers from different skills and specialties will be
needed to do the works at the refinery.
He added that the byproducts of the complex will various, such home gas,
polyethylene, polypropylene, gasoline and octane as items very important for
chemical industries in Syria. This factory will need at least 1000 workers
to be completed, and the surplus could be exported.
The Minister said Syria's share of the profits will be 15 % in the first 10
years, 30 % in the next five years, 45 % in the next five years and 60 % in
the next five years. The whole project will be transferred to Syria after 25
years of investment.
Ahmad F. ZAHRA