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Libya’s NOC Awards $2 Billion Pipeline Project to “Oilinvest”

January 24, 2024
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According to the website, Africa Intelligence, the National Oil Corporation (NOC) of Libya has assigned a major pipeline construction project to Oilinvest, a company under the Libyan Investment Authority (LIA). This pipeline will connect oil fields in the Sirte region to the Ras Lanuf and Sidra ports.

The report released on Tuesday states that the Hague-based Oilinvest was selected over other companies from the UAE, and Egypt. The contract’s value is estimated at around $2 billion dollars.

Oilinvest, a European company affiliated with the NOC, owns and operates its own refinery, along with numerous large storage, blending, and loading facilities. The company operates over 2,400 fuel stations, and markets more than 10 million tons of fuel products annually. Through its portfolio, Oilinvest supplies, trades, refines, and markets petroleum products across five European regions: Germany, Italy, the Netherlands, Spain, and Switzerland.

This significant move by the NOC reflects Libya’s continued focus on developing its oil and gas infrastructure, and boosting its position in the global energy market.

Notably, the NOC Chairman, Farhat Bengdara emphasised the corporation’s “commitment to its role with utmost neutrality, despite the challenges it encounters.”

Speaking at the General Assembly of the Arabian Gulf Oil Company (AGOCO) in Benghazi, Bengdara stated that the NOC, in collaboration with the government, “aims to change its funding mechanism through direct deduction from oil revenues.”

In a related context, Bengdara highlighted that the AGOCO achieved a high production rate, reaching 88% of the 2023 target, with an average of 273,000 barrels of oil per day.

Bengdara stressed the necessity of “holding accountable those who fall short or neglect their responsibilities, affirming the importance of adhering to performance rates, and increasing the agreed-upon production.”

He revealed the government’s approval of a project to connect pipelines from the Sirte fields to the Ras Lanuf port, covering a distance of 700 km. The project, described as significant, will be implemented in the near future.

Tags: LIAlibyanocOil CorporstionOilinvest
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