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Mar 26, 2023
Libya in Deal With Honeywell for 30,000 Barrels/Day Refinery
(Bloomberg) -- Libya has signed a deal with Honeywell International Inc. to build a 30,000 barrels-a-day refinery in the OPEC nation’s southwest.
The pact agreed Sunday is part of a broader plan by the National Oil Corp. to boost the North African country’s energy facilities and raise its oil production to 2 million daily barrels, Libyan oil company Zallaf Libya Oil and Gas, said in a statement Sunday.
The facility around Ubari city will provide fuel for surrounding regions and feed a power station that’s set to be built nearby, the company said. It didn’t give details on the cost of the project.
Libya is home to Africa’s largest oil reserves, but its exports have been stymied by political chaos for much of the period since the 2011 overthrow of long-time dictator Moammar Al Qaddafi. A measure of stability has prevailed in recent months, with crude output averaging about 1.2 million barrels a day since September.
The state oil firm NOC has said meeting the production target of 2 million barrels a pay in three to five years will require substantial investment.
--With assistance from Salma El Wardany.
(Updates with details on power station, background.)
©2023 Bloomberg L.P.
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