Jul 15 2008 |
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Star Consortium in deal with NOC
Star Consortium has concluded a deal with the National Oil Company (NOC) of Libya to set up a company to own and upgrade its Ras Lanuf refinery.The companies signed a framework agreement in February confirming their intentions to form the joint venture company, which has now been concluded after signing of the shareholders agreement. The shareholder agreement was signed by Dr Shukri Ghanem, Chairman of NOC and Abdullah Ahmad Al Ghurair, Chairman Al Ghurair Investments and Star Consortium.
The proposed company would be incorporated and registered in one of the free zones in Dubai, with offices in Ras Lanuf, Tripoli and the Emirate. The consortium is considering the DMCC , among the free zones in UAE, to set up the firm, which will be a 50-50 joint venture between Star Consortium comprising the Al Ghurair Investments ' subsidiary TransAsia Gas International and ETA Ascon Star Group 's Star Petro Energy and NOC .
Ras Lanuf refinery produces 10 million tonnes of refined petroleum products per year, which are sold locally and exported to the US and Europe.
The upgradation project, which is estimated to cost $2bn (Dh7.3bn), will start immediately and take five years to complete. It will involve revamping and refurbishment of the existing plant to increase its capacity and efficiency as well as upgradation and expansion of the refinery to improve the quality of products to meet the latest international standards.
Abdullah Ahmad Al Ghurair, Chairman of Al Ghurair, said: "This deal is a major achievement for TransAsia Gas International, which demonstrates its capacity to carry out work on large scale refinery projects. By winning this contract, the company has moved one step closer to becoming a fully integrated energy company."
Syed Salahuddin, MD of ETA Ascon Star Group , said: "Star Petro Energy is proud to be part of the Star Consortium in the deal with NOC . We will contribute to make this a role model for other UAE firms seeking to expand into North African markets."
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