Two UAE firms signed Monday a deal worth around $2bn with Libya's National Oil Corp (NOC) to revamp and upgrade Ras Lanuf 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 bpd Ras Lanuf refinery.

They forecast the upgrades would take five years to complete.
The site at Ras Lanuf includes a refining plant that produces naphtha, kerosene, light gas oil and heavy gas oil, and other units producing ethylene and polyethylene.

"The signing of this agreement is to develop the Ras Lanuf refinery through partnership and this is the policy NOC is following now," said NOC Chairman Shukri Ghanem.

The refinery upgrade will take place in two stages, the first to refurbish the existing plant to increase capacity and improve the ability to market the products.

In the second stage the companies will expand the refinery and add the latest technology for converting fuel oil into high-value products, improve efficiency and bring overall quality in line with international standards.

By landing this contract, UAE firmsare now effectively establishing themselves in the country. Thanks to their success in building their own country base and then move to the world.