Libya, UAE firms sign $2.5 billion refinery upgrade deal

Libya's National Oil Corporation (NOC) said on Monday it has signed a deal worth $2.5 billion with United Arab Emirates firms to upgrade a Libyan oil refinery. The Star Consortium of TransAsia Gas International and Star Petro Energy signed the 50-50 joint venture agreement with NOC in Tripoli covering a two-stage improvement of the 220,000-barrel per day Ras Lanuf export refinery, NOC added.
TransAsia Gas International and Star Petro Energy are both affiliates of the Ghurair group controlled by the Al Ghurair family. The deal followed a memorandum of understanding on January 7 between the two sides, NOC said.