Al Ghurair Investments eyes refinery in Hambantota
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 US$ two billion.
The agreement was recently signed at the Libyan capital Tripoli. The
Group is also finalising agreements with the Sri Lankan Government to
setup a privately owned refinery at Hambantota, with a capacity of
100,000 bpd.
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.
The entire project will be implemented in two stages and take five
years to complete. The first stage will involve the revamping and
refurbishment of the existing plant to increase its capacity and improve
its marketing capability.
The second stage will deal with the upgrading and expansion work of
the refinery, using state-of-the-art technology to improve the quality
of products to meet the international standards.
Commenting on the new agreement, Essa Al Ghurair, Vice-Chairman of Al
Ghurair Investments said: "This is a first step for the Group's
investment in the petroleum refining sector in Libya.
This deal will strengthen the bilateral relationship between UAE and
Libya, and will create foreign interest in investment opportunities in
various sectors in Libya, including oil and gas.
We will endeavour to live up to the expectations of our partners, and
hope to excel in this assignment."
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