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Richard Cochrane is trained in chemistry and metallurgy but is far more interested and practiced as a political and fund raising consultant, writer and amateur historian. He grew up in a Navy family and with his two younger brothers carried on its 500+ year tradition of naval service to Great Britain and the USA then enjoyed a career with one of the largest advertising and public relations agencies working with numerous Fortune 500 companies and many of America's premier educational institutions. He maintains friendships and acquaintanceships around the world. He lives in Santa Barbara, California.

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Iran and Venezuela to build refinery in Syria

September 24th, 2009 • Richard Cochrane
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There has been a lot of huffing and puffing about new sanctions against Iran at partly to cut off refined petroleum products. Now come news on World Tribune that Iran plans to construct an oil refinery in Syria that would be primarily financed by Venezuela.

 

The Iranian Oil Ministry said Iran and Venezuela have agreed to construct a refinery in Syria with a capacity to process 140,000 barrels of crude oil per day.

 

Previously Venezuala’s President Chavez announced he’d ship 20,000 barrels of refined product, primarily gasoline, to Iran every day to break any sanctions.

Officials said Venezuela would have the largest stake in the project, with 33 percent, followed by Iran and Syria, with 26 percent each, and Malaysia, with 15 percent.

The construction of a refinery in Syria has been foreseen as the first joint international activity of the two countries [Iran and Venezuela],” Mohammad Ali Talebi, a senior executive at Iran’s state-owned Petropars Oil and Gas Co., said.

The refinery project would be conducted by Venirogc, a joint energy venture by Iran and Venezuela.

The Oil Ministry said Syria would supply 50 percent of crude oil for the refinery, with Iran and Venezuela providing 20 percent and 30 percent, respectively.

Oil accounts for most of Iran GDP. But, its government has proved both corrupt and dysfunctional. Unemployment has risen to 12.5% from last year’s 12% rate (similar to California’s). Its recent Presidential election has fomented unrest and violence.

Gasoline, while cheap, is often in short supply because of Iran’s very limited refining capacity adding to dissatisfaction with the government.

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