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FINANCIAL NEWS
UAE’s Al Ghurair to invest USD2b to revamp, set up 2 oil refineries
17 Dec 2011
(MENAFN) Al Ghurair Investment’s Vice-Chairman, Eisa Al Ghurair, said that the firm would invest USD2 billion to revamp and establish two oil refineries in Pakistan and Libya, reported Gulf News.
Al Ghurair added that the company would build an oil refinery in Port Qasim area in Pakistan; with an investment of around USD700 million, adding that the project, which capacity would reach 100,000 barrels per day (bpd) would be constructed in a period of 27 months.
He also said that the firm would also renovate and expand an existing oil refinery in Libya, where the firm had already invested USD200 million in 2009; however, additional investments in the refinery would be carried out as soon as the new Libyan government is formed.
It is worth noting that Al Ghurair Investment has sold its coal mining business in Indonesia for USD75 million and it is digging for coal in Mozambique at a mine concession.
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