Al Ghurair commits $ 2 b for oil refining in Libya

TransAsia Gas International and Star Petro Energy, subsidiaries of Dubai based Al Ghurair Investments have signed a Joint Venture agreement with the National Oil Corporation (NOC), Libya for the upgrading and revamping of Ras Lanuf refinery in Libya worth two billion dollars. The agreement was recently signed at the Libyan capital Tripoli.

The Group is also finalizing agreements with the Government of Sri Lanka to setup a privately owned refinery at Hambantota, Sri Lanka with a capacity of 100,000 abpd. Upon signing of the Agreements/ Approvals, the Group is targeting to start construction of the refinery within a year and a half. With current demand for petroleum products in Sri Lanka scaling to more than 4 million tons per year, this project will boost local production and reduce imports.

The 220,000 bpd Ras Lanuf refinery up-gradation project in Libya will increase efficiency and improve overall quality of products to comply with latest Euro standards.

Commenting on the new agreement, Essa Al The Group is also setting up a 100,000 bpd refinery project worth USD 600 million, near Port Qasim, Pakistan. The refinery is currently in construction phase and is expected to be commissioned by the end of 2009. The refinery will help cater for local demand, thereby reducing the need to import petroleum products into Pakistan.