UAE Companies Sign With NOC to Upgrade Libyan Oil Refinery

01-18-2008

Two companies of the United Arab Emirates (UAE) will invest one billion U.S. dollars to renovate and upgrade an oil refinery in Libya, local newspaper Khaleej Times reported.

According to a 50-50 joint venture deal with Libya's National Oil Corporation (NOC), a consortium of the UAE's TransAsia Gas International and Star Petro Energy will invest one billion dollars in the improvement of an export refinery in Libya's Ras Lanuf.

The upgrade project in the oil refinery, whose capacity stands at 220,000 barrels per day (bpd), 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.

Libya is the third largest oil producer in Africa with an output of 1.7 million bpd.