Damascus has signed an agreement with Tehran, Caracas and Malaysia's Bukhary Group for a 140,000-barrel-a-day (b/d) refinery in the Al-Faraqlus area, 180 kilometres north-east of Damascus. Venezuela and Iran will supply crude oil to the estimated $2,600 million refinery, which is set to come on stream in 2011.
Syria's current refining capacity of 240,000 b/d meets only 50 per cent of domestic demand.
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