(MENAFN) In a significant development in the realm of international cooperation, Iran, Venezuela, and Syria have come together to sign a trilateral agreement aimed at jointly constructing a new oil refinery in Syria's Homs Province. This collaborative initiative was revealed by Deputy Oil Minister Jalil Salari, who shared this information during an interview with Iranian media, as reported by IRNA.
The essence of this agreement revolves around the establishment of a state-of-the-art refinery with a planned capacity to process 140,000 barrels of oil. What distinguishes this project is the cooperative nature of its oil supply, as both Iran and Venezuela will be responsible for providing the necessary crude oil to fuel the refinery. This strategic arrangement is poised to enhance energy security and foster deeper economic ties among the participating nations.
It is noteworthy that the foundational groundwork for the project, including essential studies and the design phase, has already been successfully completed. This indicates a tangible commitment to bringing this venture to fruition, which is expected to have a significant impact on the energy landscape in the region.
The new refinery is set to complement the existing infrastructure, as Syria already hosts two operational refineries, namely the Banias Refinery and the Homs Refinery, both strategically located in the western part of the country. This trilateral initiative underscores the importance of international collaboration in addressing energy needs and bolstering economic ties, promising to play a pivotal role in the development and stability of the region.
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