Two UAE based companies- The Star Consortium of TransAsia Gas International and Star Petro Energy, have signed a 50-50 joint venture agreement with NOC in Tripoli, Libya, covering a two-stage improvement of the 220,000 bpd Ras Lanuf export refinery. The site at Ras Lanuf includes a refining plant that produces naphtha, kerosene, light gas oil and heavy gas oil, and other units producing ethylene and polyethylene.
The refinery upgrade will take place in two stages, the first to refurbish the existing plant to increase capacity and improve the ability to market the products. In the second stage the companies will expand the refinery and add the latest technology for converting fuel oil into high-value products, improve efficiency and bring overall quality in line with international standards. The upgrades have been estimated to get completed in about five years to complete.
Dow Chemical already has a separate deal with NOC to operate and expand Ras Lanuf's petrochemical facilities.