Libya aims to restart its 220 000 barrel-per-day (bpd) Ras Lanuf oil refinery within six to 12 months \u200cto supply the domestic market, National Oil Corporation (NOC) Chairperson Masoud Suleman told reporters in London this Wednesday.<\/p>\n
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The refinery, Libya’s largest, has been idle since 2013 amid an arbitration dispute between NOC and its Emirati partner in \u2060the plant Trasta.<\/p>\n
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NOC said on Monday it had signed a final agreement with Trasta to end the partnership, transferring the Ras Lanuf complex and refinery to full Libyan ownership and control.<\/p>\n
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“The budget was allocated,” Suleman said regarding the restart, adding NOC had the manpower and equipment needed for maintenance, which he expects will cost about $60 million.<\/p>\n
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Libya’s oil sector, the \u200ccountry’s \u2060main source of income, has faced repeated disruption from local and wider political unrest since the 2011 NATO-backed uprising that toppled Muammar Gaddafi.<\/p>\n
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Last week, the 120 000 bpd Zawiya refinery shut due \u2060to nearby clashes.<\/p>\n
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Suleman said output from Ras Lanuf would mainly serve the domestic market and be marketed by NOC subsidiary Brega Oil \u2060Company.<\/p>\n
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NOC expects initial run rates of about 200 000 bpd, gradually ramping up to full capacity, he added. The \u2060refinery will run on Libya’s Amna crude grade.<\/p>\n
<\/p>\n
–Reuters–<\/p>\n
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