Libyan Investment Minister of the Parliament-designate government, Ali Al-Saadi, announced meetings with representatives from the Russian company Tatneft during the ” Russia – the Islamic World: Kazan Forum ” in Tatarstan.
Al-Saeedi revealed in a press statement that he had invited Tatneft to Libya to construct refineries in Benghazi and Tobruk. He noted the existing refineries in Sidra, Ras Lanuf, Zueitina, and Derna, emphasising Libya’s extensive coastline of a thousand kilometers.
The minister affirmed the government’s readiness to enter into an agreement with the Russian company, and Tatneft, which already operates in Libya, expressed interest in the project.
Al-Saadi explained that Russia has significant crude oil reserves, but current sanctions and embargoes complicate supply routes. A new refinery in Libya could help resolve this issue by processing Russian crude oil and selling the refined products.
Additionally, he mentioned that Tatneft could utilize the crude oil already available in Libya for refining and processing. “We have incredible reserves,” he stated.
Last week, Al-Saadi expressed hope for the return of the Russian company tasked with implementing the “Misrata-Benghazi” railway line to resume its work in Libya.
Al-Saadi told Russia’s news “Sputnik” that many tools for this project had been laid out, but after 2011, many things were stolen, emphasizing the need for railway lines.
During the Kazan Summit in Russia, the Libyan minister intends to revisit discussions regarding the project, highlighting its mutual benefits.
The Libyan authorities had previously agreed with a Russian company in 2008 to implement a railway line project from Misrata to Benghazi, which was halted after the 2011 events.
Recently, Libyan authorities have been striving to revive infrastructure projects, especially railways, in collaboration with foreign companies, particularly Russian and Chinese firms, recognizing their significance in driving the national economy forward.
In February, Al-Saadi signed an agreement with the Chinese coalition of companies “BFI” and the Railway Implementation and Management Project to execute a railway track from Benghazi to the border municipality of Imsaed, then to the Egyptian city of Marsa Matrouh.
The agreement was signed at the ministry’s headquarters in Benghazi and will be implemented once the approved maps are received from the Railway Implementation and Management Project. The ministry stated that the agreement will bring significant advancements to the transportation sector, particularly as Libya lags behind in land transport and railways.
