Eastern Libya invites Russian firms to build oil refineries

Authorities in eastern Libya have invited Russian companies to build oil refineries in the country as part of efforts to expand petroleum product trade from Libyan territory.

Ali al-Qaidi, investment minister in Libya’s parliament-appointed government, said on July 29 that the proposal had been put to the Russian side.

“We have proposed to the Russian side to consider the possibility of building oil refineries in Libya. These refineries will allow the Russian side to conduct trade in petroleum products from Libyan territory rather than from Russia,” al-Qaidi said in an interview with RIA Novosti.

He added that Russian organisations are not currently investing in Libya, noting that international investors remain cautious due to ongoing security instability.

Al-Qaidi said that implementing such projects could significantly deepen financial and investment cooperation between Libya and Russia.

By Tamilla Hasanova