The eastern Libyan government has offered Russia’s Tatneft the opportunity to build a refinery in Libya as part of efforts to attract investments to the region. According to the Libyan Observer, the offer was made during the Russia-Islamic World Forum in the republic of Tatarstan, when the eastern government’s investment minister suggested that Tatneft build a refinery in Benghazi or Tobruk. Tatneft already has operations in Libya, where last year it struck oil at a field it operates together with the National Oil Corporation in the Ghadames Basin in northern Libya. Libya has the largest proven oil reserves in Africa, with oil accounting for almost 100% of government revenues. Libya is exempted from the OPEC+ cuts because of its troubles with production growth, with fields often the target of protests and blockades by various groups.

Source: Libya Today May 20, 2024 07:33 UTC