The Libya Africa Investment Portfolio and the National Oil Corporation held talks with a delegation from the Saudi company Ajyal for Petroleum and Energy to discuss the possibility of Ajyal contributing to the Zuwara oil refinery project, reviewing boosting local refining capacity and creating added value for Libya’s energy sector.
According to a statement, the Chairman of the National Oil Corporation expressed full support for the initiative and emphasized the Corporation’s commitment to ensuring the success of partnerships that help develop the oil and gas sector.
Ajyal is considered one of Saudi Arabia’s leading companies in the development of integrated energy projects, operating across the full value chain from exploration and production to oilfield services and advanced technological solutions.
Libya Africa Investment Portfolio
The Libya Africa Investment Portfolio is a sovereign wealth fund established by the Libyan government in 2006 to manage oil revenues and invest in strategic development projects across the African continent. Its creation was part of a broader strategy to strengthen Libya’s economic ties and influence within Africa under the leadership of Muammar Gaddafi.
National Oil Corporation
The National Oil Corporation (NOC) is the state-owned oil company of Libya, established in 1970 to manage the country’s hydrocarbon resources. It oversees all aspects of Libya’s oil and gas production, from exploration to export, and has been a central pillar of the national economy since its founding.
Ajyal
Ajyal is a modern cultural festival in Qatar, launched in 2015, that celebrates film and creativity with a focus on engaging youth and families. It is organized by the Doha Film Institute and aims to foster cultural exchange and artistic appreciation through screenings, workshops, and interactive events.
Zuwara oil refinery
The Zuwara oil refinery is a major petroleum processing facility located in northwestern Libya, near the city of Zuwara. It was inaugurated in 2014 and is strategically significant for its role in refining crude oil for domestic consumption and export, though its operations have frequently been disrupted by the country’s political instability and conflict.
Libya
Libya is a North African country with a rich history that includes ancient Phoenician and Greek settlements, most notably at Cyrene, and later Roman rule. It was part of the Ottoman Empire before Italian colonization in the early 20th century, gaining independence as a kingdom in 1951 and later becoming a republic under Muammar Gaddafi from 1969 until the 2011 revolution. The country is home to five UNESCO World Heritage Sites, including the extensive Roman ruins of Leptis Magna.
Saudi Arabia
Saudi Arabia is a Middle Eastern nation founded in 1932 by King Abdulaziz Al Saud, unifying the regions of Najd and Hejaz. It is the birthplace of Islam, home to the religion’s two holiest cities, Mecca and Medina, which have been central to Islamic history and pilgrimage for over fourteen centuries. The country’s modern economy and global influence are largely derived from its vast reserves of petroleum, discovered in the 1930s.
Misrata Cement Factory
The Misrata Cement Factory is a major industrial facility in Libya, established in the 1970s to support national infrastructure development. It became a strategic site during the 2011 Libyan Civil War, witnessing intense fighting as rebel forces sought to control its location and resources.
