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FINANCIAL NEWS
UAE’s Al Ghurair will not sell stake in Libyan refinery
12 Dec 2012
(MENAFN) Al Ghurair group’s Vice Chairman, Essa Al Ghurair, stated that the UAE firm has no plans to sell its stake in Libya’s Ras Lanuf refinery, reported Arabian Business.
Regarding the new USD2-billion investment in Libya’s biggest refinery, Al Ghurair said that the company hadn’t taken a decision yet whether to proceed with the plan or not, due to the country’s instability.
The Vice Chairman said that before the onset of the Libyan civil war, the group had planned to invest the amount to upgrade the refinery.
Ras Lanuf, which contributes with nearly 2-thirds of Libya’s oil refining capacity, stopped operations during the civil war, and recommenced at the end of August.
It is worth noting that Libyan Emirates Oil Refining Company (Lerco), the operator of the refinery, is a joint venture between the Libyan National Oil Company (NOC) and Trasta Energy, which is headed by the Al Ghurair family.
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