TRIPOLI, Libya (AFP)--Libya's National Oil Corp., or NOC, Monday signed a $2 billion deal with a consortium from the United Arab Emirates to upgrade a major oil refinery.
NOC Chairman Shukri Ghanem said a joint venture was set up between the Libyan company and the consortium comprising TransAsia Gas International and Star Petro Energy, to upgrade the Ras Lanuf refinery in the far east of Libya towards the border with Egypt.
The five-year deal is aimed at developing production in a bid to reach a maximum output of 220,000 barrels a day, Ghanem told reporters after a signing ceremony.
Organization of Petroleum Exporting Countries member Libya is the African continent's second largest oil producer with 1.7 million barrels a day. It has estimated reserves of 42 billion barrels and aims to reach a production level of 3 million barrels a day in 2010.