The Libya Africa Investment Portfolio (LAIP) announced last Monday (26 January) that it had signed on the same day an MoU with Saudi’s Ajyal Petroleum and Energy Company.
The signing took place at the LAIP’s Tripoli headquarters during a meeting between LAIP’s Chairman, Mustafa Abu Fanas, and General Manager, Mohammed Al-Miladi, along with members of the executive management. Representing Ajyal Petroleum and Energy Company were Chairman of the Board, Musleh Al-Dossari, and CEO, Adel Al-Aidan.
During the meeting, LAIP presented a visual overview of its activities, areas of operation, and key subsidiaries, as well as its most important current projects, particularly within Libya, as part of its efforts to enhance its domestic investments.
The two sides also discussed prospects for future cooperation and ways to strengthen joint investment, including exploring the possibility of Ajyal’s participation in the Zuwara Oil Refinery project, in addition to discussing opportunities for establishing joint energy production projects within Libya.
The discussions culminated in the signing of a Memorandum of Understanding for cooperation in the oil, energy, and infrastructure sectors.
LAIP said this agreement aims to build effective strategic partnerships that support the national economy and open avenues for the exchange of expertise between the two parties.
