Iran plans to construct an oil refinery in Syria’s western city of Homs that would have an initial processing capacity of 40,000 barrels per day (bpd) with potential to increase to 140,000 bpd once fully developed, said a top official.

The refinery would be built by a consortium of companies from Iran, Syria and Venezuela, Mansour Bazmi, the acting chief of Iran's Research Institute of Petroleum Industry (RIPI) was quoted as saying by Iran Daily, which cited Press TV.

Iranian companies would design the units of the project and would also provide its required parts and equipment, Bazmi said.

"The designing of all licensed and non-licensed units of the refinery will be carried out by RIPI in cooperation with Iranian experts," he said. "Iran is to provide the required equipment for the refinery, as well."

Main products of the refinery which would be gasoline and diesel, he added.

The required investment in the project would be around $1 billion, Bazmi said adding that a consortium formed to implement it in already in talks to attract funds from international financers.