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Russian Company to Build Two Billion Dollar Oil Refinery in Syria - Agency

Posted on: Sunday, 6 November 2005, 18:00 CST

Text of report in English by Syrian News Agency SANA website

Damascus, 6 November: Minister of Oil and Mineral Resources Ibrahim Haddad on Sunday [6 November] conferred with the director- general of the Russian Trans KazOil Progress Company Pereiv Nizami [name as received] 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 refinery and selling the oil products, resulting from the project, by world process.

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 reporter that the Russian company submitted a request to the Investment Bureau to establish this refinery with an amount of 2bn dollars.

"The refinery will play an important role in developing the oil manufacture in Syria and increasing petroleum products locally manufactured," minister of oil added.

Source: BBC Monitoring Middle East

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