Al Ghurair says no plan to sell refinery stake

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Ras Lanuf industrial city is the main hub of the petrochemical industry in Libya.

Ras Lanuf industrial city is the main hub of the petrochemical industry in Libya.

Prominent UAE group Al Ghurair said it had no intention yet of selling its half ownership of Ras Lanuf, Libya's biggest refinery, but also had not decided whether to go ahead with investing another $2 billion.

"We are committed to our investment," Vice Chairman Essa Al Ghurair said on Tuesday.

Before Libya's civil war, his company had planned to invest an additional $2bn to upgrade Ras Lanuf, which accounts for almost two-thirds of Libya's oil refining capacity.

Given the continuing instability in Libya, it is too early to revive those plans, Essa Al Ghurair said.

"If you don't give the wound enough time to heal, it will open again. Still today, the situation is fragile."

The operator of the refinery, Libyan Emirates Oil Refining Company (Lerco), is a joint venture between the Libyan National Oil Company (NOC) and Trasta Energy, which is headed by the powerful Al Ghurair family.

Ras Lanuf, which ceased operations during last year's war that ousted leader Muammar Gaddafi, restarted in end-August after several delays.

Industry sources said a dispute between NOC and the Al Ghurair group over payments for crude oil caused the restart date to be pushed back.

Essa Al Ghurair, who was previously on the board of Lerco, declined to acknowledge that there had been a dispute or comment on anything involving a dispute.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai flexes legal muscles as financial court system grows

Dubai flexes legal muscles as financial court system grows

Landmark ruling by the court system in Dubai's financial free...

Finance talk with RAKBANK

Finance talk with RAKBANK

StartUp sat down with RAKBANK’s head of personal banking, Ian...

Tips from the top: Hisham Al Gurg

Tips from the top: Hisham Al Gurg

High profile investor and entrepreneur Hisham Al Gurg discusses...

1
Most Discussed