The People's Assembly approves the establishment of two oil refineries
Economy today:
The People's Assembly approved at its meeting yesterday, Sunday, the two draft laws that include the establishment of two oil refineries, in which a subsidiary of the “Qatirji Group” participated, and they became two laws.
The first law included ratification of the Partnership Agreement to establish a joint stock company, an anonymous private company, "Al-Sahel Refinery Company", to establish, operate and manage an oil condensate refinery.
The aforementioned agreement is signed between the “Ministry of Oil and Mineral Resources” and the “General Corporation for Oil Refining and Distribution of Oil Derivatives” as a first party, and “Arvada Petroleum Company”, a private anchor affiliate of Qatirji, and the Lebanese “Salizar Shiping Company” as a second party.
As for the second law, it included ratification of the Partnership Agreement to establish a joint stock company, an anonymous private company "Al-Rusafa Refinery Company", to establish, operate and manage a heavy oil refinery.
The second agreement is signed between the “Ministry of Oil and Mineral Resources” and the “General Corporation for Oil Refining and Distribution of Oil Derivatives” as a first party, “Arvada Petroleum Company” and the Lebanese “Salizar Shipping Company” as a second party.
The third law, which was also approved by Parliament, includes the ratification of the attached contract signed on September 19, 2019, between the aforementioned authorities, to develop and expand the Tartous oil terminal, and establish an organization to transport, rehabilitate and maintain the existing oil transportation system in accordance with the provisions of the contract and its annexes.
In Syria, there are two oil refineries, the first within Homs and managed by the "General Company for Homs Refinery" and placed with investment 1959, and the second within Baniyas of Tartous and run by the "Baniyas Refinery Company", with the presence of the Ministry at the establishment of a third oil refinery.
On the other hand, the People’s Assembly also approved the draft law to exempt the debtors subscribing to the “Syrian Telecom Company” from the benefits to them if they initiate the payment of their debts, whether in cash or in installments.
