A subsidiary of the Libyan National Oil Corporation signed a contract today, Sunday, with the American engineering company Honeywell for an oil refinery project in the south of the country, which is expected to cost between $500 and $600 million.
Zallaf Libya Oil and Gas, a subsidiary of the National Oil Corporation, announced in a statement that the project will be implemented in two phases, but did not provide a timeline for the work.
The National Oil Corporation previously stated that the southern refinery will produce cooking gas, jet fuel, and other products, including 1.4 million liters of gasoline and 1.1 million liters of diesel per day.
Libya is seeking to attract foreign investment to its energy sector following two and a half years of relative peace after years of conflict. It hopes to benefit from the increased demand for its oil and gas in light of supply concerns in Europe due to the war in Ukraine.
Last month, the government based in Tripoli approved moving forward with a maritime gas project in collaboration with the Italian company Eni.
