Wednesday, April 28, 2010

Iran, Venezuela establish joint oil company

TEHRAN (ISNA)-Iranian state-owned oil company Petropars and Venezuelan national oil company PDVSA founded a joint oil company “VENIROC” as each county holds 50 percent of the total share.

The company is founded in Spain and we are in talks to implement joint projects, Petropars Managing Director Gholam Reza Manouchehri told ISNA.

He also said VENIROC officials are in talks to build a refinery in Syria and added that, “Iran and Venezuela will put the project into practice if our demand is accepted.”

The Syrian refinery is to produce 140,000 oil barrels a day co-financed by Iran, Venezuela and Syria.

The refinery is to receive 20 percent of Iran’s heavy oil, 30 percent of Venezuela’s super-heavy oil, 25 percent of Syria’s heavy oil and 25 percent of its light oil.

The project needs 2.6 billion dollars investment, 33 percent of which is to be financed by Venezuela, 26 percent by Iran, 26 percent by Iran and 15 percent by Syria.

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