President Assad issued decree for creating public establishment for oil refining and Oil derivatives distribution

President Bashar Assad issued a legislative decree (No.14) 2009 for creating public establishment for oil refining and Oil derivatives distribution. Companies that linked to this new one are Homs and Banias refineries, Mahroukat, Oil derivatives storing and distribution company and Syrian company for gas distribution.

This new decree is reforming refining, distribution oil, and its derivatives sector since this new establishment will be an important management and technical reference for oil companies and current and future refining, distributing projects.

The new establishment will be responsible for:
1- Recommend strategies relating to oil refining, petrochemical industries, Oil derivatives distributing including house and machines natural gas usage.
2- Installing new refineries according to state plans towards this area.
3- Prepare, develop and modify agreements aimed for attracting investors in oil refining oil, storing, and distributing oil derivatives.
4-Put investing funding preference for main projects on national range in oil refining and derivatives area.
5- Coordinate and cooperate with local, Arab and international training centers to help in national power building, and human resources development.
6- Coordinate with Arab and international sides in oil refining and derivatives distributing field.
7-follow up technical and scientific developments in oil refining and derivatives distributing field.
8- evaluate environmental effect of its projects and activities by coordinating with public body for environment affairs and other parts and work on decreasing its damages.
9-Coordinate with related authorities in export and import linked parts demands for crude oil and derivatives.
10-supervise on operating companies and joint ventures in oil refining and derivatives distributing.

The company named capital is 200 million Syrian Pounds, that covers the Fixed Assets and allocations specified by the state.

The establishment will replace Homs refinery public company in all rights and Commitments mentioned in all contracts with foreign companies in installing new refineries.

Syria-oil