Noor Financial Investment Company Selects Consultant for $3 Billion Refinery in Syria

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Researched by Industrial Info Resources (Sugar Land, Texas)--Noor Financial Investment Company (Safat, Kuwait) has selected Wood Mackenzie (Edinburgh, United Kingdom) to perform a feasibility study to construct a 140,000-barrel-per-day (BPD) refinery in Dayr Az-Zawr, Syria. The study is expected to continue through May 2008. The $3 billion refinery is expected to begin construction in 2009 and will process Iraqi crude oil to double the country's refined-products capacity. Once approved, Noor will select an engineering and construction company to perform engineering, procurement and construction services for the refinery, which is proposed to commence operations in 2012.

Founded in January 2005, Noor Financial Investment Company is a Kuwaiti investment company that handles investment opportunities in the Middle East, Kuwait and Asia. The company provides a broad range of financial services for its domestic and international capital markets. Noor Financial established Noor Petroleum Company in 2007 to help establish the proposed refinery. In addition, China National Petroleum Company is planning a 70,000-BPD refinery in Syria. PDVSA & National Iranian Oil Company is planning a 140,000-BPD refinery in Homs, Syria. The two additional refineries are expected to start up by 2012.

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