Jul 15 2008 |
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USD 2 billion deal with NOC concluded
Dubai: In a landmark achievement, the Star Consortium comprising of the Al Ghurair Investments ' subsidiary TransAsia Gas International and ETA Ascon Star Group 's Star Petro Energy, have successfully concluded a deal with the National Oil Company (NOC) of Libya to set up a joint venture company to own and upgrade its Ras Lanuf refinery.The companies had signed a Joint Venture framework agreement in February earlier this year confirming their intentions to form the Joint Venture Company, which has now been concluded after signing of the Shareholders Agreement.
Dr. Shukri Ghanem, Chairman of National Oil Corporation of Libya, and Abdullah Ahmad Al Ghurair, Chairman Al Ghurair Investments and Star Consortium signed the shareholder agreement.
The proposed Joint Venture Company will be incorporated and registered in one of the free zones in Dubai, with offices in Ras Lanuf, Tripoli and Dubai.
The consortium is considering the DMCC , among the free zones in UAE, to set up the JV. The company will be a 50:50 Joint Venture between the Star Consortium and NOC . Ras Lanuf refinery produces 10 Million tones of refined petroleum products per year, which are sold locally as well as exported to America and Europe.
The upgradation project, which is estimated to cost US$ 2 billion, will take five years to complete and would start immediately.
It will involve revamping and refurbishment of the existing plant to increase capacity and improve efficiency as well as upgrading and expansion of the refinery, using state of the art technology to improve the quality of products to meet latest international standards.
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