1128 GMT February 29, 2020
The announcement was made by Mansour Bazmi, the acting chief of Iran's Research Institute of Petroleum Industry (RIPI), Press TV reported.
Bazmi told reporters that the projected refinery would have an initial processing capacity of 40,000 barrels per day (bpd) and eventually increase to 140,000 bpd once fully developed.
He added that it would be constructed by a consortium of companies from Iran, Syria and Venezuela.
Bazmi underlined that Iranian companies would design the units of the project and would also provide its required parts and equipment. "The designing of all licensed and non-licensed units of the refinery will be carried out by RIPI in cooperation with Iranian experts," he said.
"Iran is to provide the required equipment for the refinery, as well."
This, Bazmi added, would be the first time that Iranian companies would be involved in a refinery project throughout its implementation.
The official further said that the main products of the refinery which would be constructed in Syria's western city of Homs would be gasoline and diesel.
He said the required funds would be provided from international financial institutions.
The required investment in the project would be around $1 billion, Bazmi said adding that a consortium formed to implement it in already in talks to attract funds from international financers.