11 March 2009
Libya's National Oil Corporation has signed with a unit of Dubai's Al Ghurair Group to invest $2 billion in upgrading the country's largest oil refinery.
National Oil and Al Ghurair agreed to form a joint venture (JV) called Lerco, which will own, operate and upgrade the 220,000 barrel a day refinery in Ras Lanuf, the Libyan company said. The venture will have a starting capital of $350 million, with each company contributing half.
Libya's National Oil Corporation has signed with a unit of Dubai's Al Ghurair Group to invest $2 billion in upgrading the country's largest oil refinery.
National Oil and Al Ghurair agreed to form a joint venture (JV) called Lerco, which will own, operate and upgrade the 220,000 barrel a day refinery in Ras Lanuf, the Libyan company said. The venture will have a starting capital of $350 million, with each company contributing half.
© 7Days 2009
