Syria, Russia sign $2.7 b. deal for oil refinery

Syria has signed a US$2.7 billion memorandum of understanding with a Russian company for construction of a refinery and petrochemical plant in northeast Syria, the official Syrian news agency reported Tuesday. The project, to be completed in five years, would be built in Deir Ezzor province, 458 kilometers, (286 miles) northeast of Damascus. The petrochemical plant would have an annual capacity of 1.6 billion liters (430 million gallons) of gasoline. The refinery would produce about 140,000 barrels of refined product daily. An estimated 2,000 jobs eventually would be created, SANA reported. Syria would take full control of the facility after 25 years, earning part of revenue ranging from 15 percent to 60% in the interim.