By Sami Zaptia.
Tripoli, 18 September 2013:
Speaking today on the second and final day of the CWC Libya Forum on oil and . . .[restrict]gas in Tripoli, Simon Telling, Director, Risk Management & Downstream of RPS Energy said that Libya would need to invest in and build a world class refinery and world class marketing.
Surveying the refinery sector, Telling noted that refinery capacity in northern and Western Europe was high and that many plants were lying idle as demand for crude refining has fallen.
However, refining capacity in the south and eastern Mediterranean is low and demand for refining is rising. Investment risks in these regions was also higher, he explained.
Telling said that Libya had a lack of refining capacity and that it needed to invest in expanding this capacity. It needs for this refining capacity to be of world standard in order to compete in this increasingly competitive sector from its region.
Moreover, Telling added, Libya needed a long term, stable legislative environment to reduce risk and attract investment in this sector. [/restrict]