• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 23 mins The United States produced more crude oil than any nation, at any time.
  • 20 hours China deletes leaked stats showing plunging birth rate for 2023
  • 3 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
OPEC’s Trillion-Dollar Bet Against U.S. Shale

OPEC’s Trillion-Dollar Bet Against U.S. Shale

OPEC's strategy to defend market…

Europe's Shift from Russian Gas to Pricey LNG

Europe's Shift from Russian Gas to Pricey LNG

Europe's switch from Russian pipeline…

Eastern Libya Government Offers Refinery Project to Russian Company

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.

“Russia has a lot of crude oil, but its supplies are now difficult due to sanctions and embargoes,” Libya’s investment minister, Ali al-Saidi, told Russian news outlet Novosti. “This matter could be solved by a refinery being established in Libya, where crude oil will be transported, and oil derivatives will then be sold.”

Al-Saidi also suggested that Tatarstan-based Tatneft could use Libyan oil to process in the future refinery, should it agree to build one. "Libya has incredible reserves," al-Saidi said.

Libya has the largest proven oil reserves in Africa, with oil accounting for almost 100% of government revenues. However, developing these reserves has been challenging, with political instability hijacking production potential as rival governments and militias compete for control of the country’s oil wealth.

There is also a financial issue, with oil minister Mohamed Oun saying earlier this year that Libya needed $17 billion in investments over the next three to five years in order to boost production to 2 million barrels daily.

Right now, production of oil is less than 1.5 million barrels daily, although there are plans to boost this to 1.5 million bpd by the end of 2025. 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.

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News