Image Credits / / Shutterstock.com | Visual for illustration purpose
1 minute read

Taftnet has signed an agreement to build a refinery in Libya

Russian oil company Taftnet has reportedly won a concession to build a new oil refinery in Libya amid controversy between the two rival governments in the war-torn country, the New Arab reported on June 4, citing eastern-based Investment Minister Ali Saidi Qayedi.

The proposal was made early last month to attract investment to the region. Libya’s eastern government does not have exclusive authority over oil contracts. The state-owned National Oil Corporation (NOC) is supposed to be the authority that approves such investment deals in the North African country.

Qayedi stressed in May that Russia has plenty of crude oil and claimed that its refinery project in Libya would help it overcome Western sanctions.

“Crude oil will be transported and then oil derivatives will be sold,” Qayedi told the Libya Observer at the time. He also said that the success of the Taftnet project would open up more investment opportunities for Russian companies in Libya.

There are currently two rival governments in Libya. The internationally recognized Libyan government, led by Prime Minister Abdul Hamid Dbeibah, is based in the capital, Tripoli. On the other hand, Osama Hammad heads the government in Benghazi and enjoys the support of the eastern-based House of Representatives.

Legal Disclaimer:
ornoir.africa
GLOBAL FLOW CONTROL provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above. "

Latest News

  • Oil and Gas
    3 minutes read

    Egypt Targets Multibillion-Dollar Oil & Gas…

    15 Jul. 2024 | Global Flow Control
  • Oil and Gas
    1 minute read

    Kuwait Strikes Black Gold with Massive…

    15 Jul. 2024 | Global Flow Control
  • Oil and Gas
    0 minutes read

    Saipem Secures $500 Million in Offshore…

    15 Jul. 2024 | Global Flow Control
  • Water and Wastewater Management
    2 minutes read

    Edison and Webuild Partner on Pumped…

    15 Jul. 2024 | Global Flow Control