Gulf Oil and Gas accountACCOUNT

AlGhurair Has No Plans to Sell Stake in Libya Refinery

Source: Reuters 12/11/2012, Location: Africa

Prominent United Arab Emirates group Al Ghurair said it had no intention yet of selling its half ownership of Ras Lanuf, Libya's biggest refinery, but also had not decided whether to go ahead with investing another $2 billion. "We are committed to our investment," Vice Chairman Essa Al Ghurair said.

Before Libya's civil war, his company had planned to invest an additional $2 billion to upgrade Ras Lanuf, which accounts for almost two-thirds of Libya's oil refining capacity.

Given the continuing instability in Libya, it is too early to revive those plans, Essa Al Ghurair said.

"If you don't give the wound enough time to heal, it will open again. Still today, the situation is fragile."

The operator of the refinery, Libyan Emirates Oil Refining Company (Lerco), is a joint venture between the Libyan National Oil Company (NOC) and Trasta Energy, which is headed by the powerful Al Ghurair family.

Ras Lanuf, which ceased operations during last year's war that ousted leader Muammar Gaddafi, restarted in end-August after several delays.

Industry sources said a dispute between NOC and the Al Ghurair group over payments for crude oil caused the restart date to be pushed back.

Essa Al Ghurair, who was previously on the board of Lerco, declined to acknowledge that there had been a dispute or comment on anything involving a dispute.

Oil Treating & Refining News in Libya >>

Egypt >>  1/14/2019 - Petroleum Minister Tareq el Mulla held a meeting with Jordanian Minister of energy and mineral wealth Hala Zawati to discuss the latest developments o...
Nigeria >>  1/7/2019 - Penspen, a leading global provider of engineering and project management services to the energy industry, is pleased to announce that it has been awar...

Egypt >>  12/20/2018 - Saipem and Petrobel have negotiated an offshore contract addendum worth more than 1.2 billion USD for Engineering, Procurement, Construction and Insta...

Related Categories: Agents, Anti-foaming  Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Grout  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Summer Diesel  Surfactants 

Related Articles: Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Surfactants 


Libya Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

Oil & Gas Projects in Libya >>

More News

Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.