Syria and Venezuela signed on Friday a memo of understanding to set up executive steps to complete the joint Froklos refinery project in eastern Homs.
Minister of Petroleum and Mineral Resources Soufian Allaw, who singed the memo on behalf of the Syrian side, said the memo aims at following up on the implementation of the project of Froklos refinery with a capacity of 140,000 barrels per day at an estimated cost of USD 5 billions, based on a signed agreement between Syria, Iran, Venezuela and Malaysia.
A schedule was set for preparing the design studies. Based on the memo, the best study will be chosen through joint assessment of the bids after contracting with specialized world consulting companies.
The Syrian and Venezuelan sides will bear the costs of the studies in case the Iranian and Malaysian sides did not give their approval on them.
For his part, Venezuela's Oil Minister Rafael Ramirez highlighted the importance of implementing the directives of both countries' leaderships in speeding up the establishment of the joint refinery.
The agreement on establishing Froklos oil refinery was signed in March 2008