LAIP receives offer to operate petroleum product factories

The ministries of industry and oil and gas are currently in talks with the Libya Africa Investment Portfolio (LAIP) to explore potential collaboration in establishing and managing multiple petroleum product factories.

At a meeting held on Monday, a committee presented an innovative proposal to the LAIP, aligning with the government’s goal of localising the oil industry. The committee showcased their diligent efforts and presented comprehensive plans for operating industrial and oil projects, with the LAIP playing a pivotal role.

Mustafa Abofanas, Chairman of the LAIP, expressed the institution’s enthusiasm and willingness to collaborate with the committee, offering their full support in this ambitious endeavour.

This meeting is part of a series of gatherings organised by the portfolio to implement their strategy of prioritising investments in the national economy, while also safeguarding investments in the African continent, as emphasised by the LAIP.

As Libya’s oil sector sees a new revival, the Ministry of Oil and Gas, in conjunction with the Libya Africa Investment Portfolio, are considering construction of refineries in strategic locations across the country.

LAIP, comprising holdings in a number of companies across Africa, is a part of the Libyan Investment Authority, a sovereign wealth fund set up in 2006 to manage Libya’s oil revenue surplus and estimated to be worth $71 billion.