Africa’s second largest oil producer Libya is all set receive huge UAE investments on its biggest oil refinery.
Two companies of the United Arab Emirates will invest some $1 billion to renovate and upgrade Libya’s biggest oil refinery situated at Ras Lanuf. National Oil Corporation (NOC) of Libya has formed a consortium with UAE's TransAsia Gas International and Star Petro Energy to renovate the export refinery. The 50-50 joint venture deal is likely to invest $1 billion for the improvement of the oil refinery, whose capacity stands at 220,000 barrels per day. It will take place in two stages and is expected to be completed in five years. In the first stage, the companies will renovate the existing plant to increase capacity and improve the ability to market the products. The second stage will involve expansion of the refinery and introduction of the latest technology for converting fuel oil into high-value products. (Commodity Online)