Syria, Russia to establish US$2.7 billion oil complex
Syrian Minister of Petroleum and Mineral Resources Dr. Ibrahim Haddad and Director General of the Russian Company for Investment Credit Line have signed a Memo of Understanding to build an US$2.7 billion oil complex, consisting of an oil refinery and a petrochemical complex in the Syrian province Deir el-Zour.
According to the Memo, Credit Line will build the refinery, which will use imported crude oil or locally produced oil, if available. SANA reported that 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 projects, including waters, electricity, roads and administrative facilities.
The Syrian minister commented by saying that the production capacity of the oil refinery would be at 140,000 bpd, adding that some 2,000 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 be used for various products, such as home gas, polyethylene, polypropylene, gasoline and octane. This factory will need at least 1,000 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.