Iran, Venezuela, and Syria are to construct a new refinery in Syria's Homs province to buffer Iran’s “resistance front”.
The Homs refinery is planned to have a daily refining capacity of 140,000 barrels of oil.
The 'resistance front' refers to the various Iranian proxy groups in the Middle East and beyond such as Hezbollah, Hamas, Palestinian Islamic Jihad, and the Popular Mobilization Forces.
The proxy militia groups have been designated as terrorist organizations by the United States, Israel, and several Western nations.
Jalil Salarieh, the CEO of the National Iranian Oil Refining and Distribution Company (NIORDC), announced last week that the governments of Tehran, Caracas, and Damascus are preparing to enter the financial and construction phase of this project.
He also disclosed that Iranian engineers repaired the existing Homs refinery after a visit by President Ebrahim Raisi during his trip to Syria in May. Following the restoration of the current Homs refinery, Iran intends to send 100,000 barrels of oil daily to Syria for processing at the facility.
The specific amount of capital allocated by Iran for the refinery's construction has not been disclosed, and it remains uncertain whether this investment will generate financial returns for Iran.
In addition to offering technical and logistical support to Syria's oil industry to circumvent US sanctions, Iran maintains a significant military alliance with the Bashar al-Assad government in Syria, alongside Russia.