Istanbul: Libya Africa Investment Portfolio (LAIP) announced yesterday the signing of an agreement to establish a Libyan Turkish company for petrochemical industries in order to build a factory to produce ‘bitumen,’ which is the basic component for asphalt production.
The signing ceremony was conducted in Istanbul in the presence of the Chairman of the Board of Directors of the LAIP, Mustafa Abu Nass, and the Chairman of the Union of Turkish Companies Investing in Africa, Emin Çakmak.
The agreement was signed by Khalifa Al-Shaibani, Chairman of the Board of Directors of Libya Oil Company, as a first party, “Mohamed Siraj Dogramasi” for Royal Energy Company as a second party, and “Ron Kupperberg” for the American company Basic Equipment, which manufactures factory machinery, as a third party.
It is targeted that the factory’s production capacity will reach 500 tons per day and that the factory will be ready to enter the production stage within a maximum period of one year. It is expected that the process of
manufacturing machinery and equipment in the American city of Houston will take about 7 to 8 months, and it will arrive from America to Libya within a month. In parallel, the necessary civil construction for the factory headquarters will be completed, which will be built on an area of up to 3 hectares to ensure it accommodates any future expansions, and the installation process and operating trials will take about 3 months.
This agreement comes within the efforts of the Libya Oil Company to diversify its activities and search for opportunities that would increase its revenues, especially in various manufacturing areas such as the bitumen industry and the manufacture of various motor oils, as an investment in the company’s privacy and the support of its owners represented by the LAIP and Oula Energy Holding Company.
The agreement is also considered one of the steps in the development of the company that it has been witnessing in the recent period, in addition to the projects to develop the gas stations owned
by the company in accordance with international standards, which will begin in the near future.
The LAIP expressed its hope that this factory would cover an important aspect of the Libyan market’s needs for these products necessary for road construction and maintenance projects.
Source: Libyan News Agency