Libya is gearing up for a massive expansion of its downstream sector, planning $60bn worth of investments in new refinery capacity and petrochemical plants. “The team working on downstream future plans has just finished their work. The plan proposes upgrading the existing refineries, and building new refineries and petrochemical complexes,” Nuri Berruien, chairman of Libya’s National Oil Corporation (NOC), told the CWC Libya Forum held in Tripoli on 17 September.
At a cost of $60bn, existing refineries will be upgraded, new ones built, and petrochemical complexes added to benefit from the additional feedstock. According to NOC plans, Libya’s refining capacity will be boosted to about 1.2mn b/d by 2019, from the present 380,000 b/d. (CONTINUED - 505 WORDS)