The Minister of Oil and Gas, Mohamed Aoun, discussed the possibilities of the Libya Africa Investment Portfolio’s (LAIP) contribution to investment in the oil and gas sector in Libya.

The discussions took place during a meeting at the Ministry’s Tripoli headquarters Monday between the Minister and the Mustafa Abu Funas, Chairman of the Libya Africa Investment Portfolio, accompanied by Al-Taher Al-Arabi Belkheir, Chairman of the Supreme Advisory Committee of the Portfolio.

During the meeting, Abu Funas reviewed the projects and activities of the internal and external portfolio, and the possibilities of their contribution to investment in the oil and gas sector in Libya.

The meeting also discussed in detail two main issues:

  1. Establishing a supply base for oil marine operations in the Mellitah area, which is a project that was much delayed, as the oil sector is in dire need of this project, and LAIP was asked by the oil minister to expedite the completion of this vital project.
  2. Establishing the Zuwara oil refinery, which had previously been planned, as several studies were conducted in this regard, and a plot of land west of the Mellitah complex was selected and fenced off to establish this refinery.
The Minister of Oil also confirmed that in view of the high fuel import bill, necessity calls for accelerating the establishment of the refinery, and that the Ministry of Oil and Gas is fully prepared to provide all assistance to LAIP to complete this vital project for the country. The Ministry said that within its its legal powers, it will allocate the quantities of oil necessary to operate this refinery and make it permanently available.

These two projects were owned by LAIP and were transferred to the Internal Investment Fund by decision of the (Qaddafi era) General People’s Committee (cabinet) previously. Now it has been agreed between LAIP and the Internal Investment Fund to restore the projects that have been suspended since that date.

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