Al Ghurair: No Plans to Sell Stake in Ras Lanuf

Gulf Business reports that UAE group Al Ghurair says it has no intention yet of selling its half ownership of Libya’s biggest refinery, Ras Lanuf.

We are committed to our investment,” Vice Chairman Essa Al Ghurair (pictured) said on Tuesday.

His company had planned to invest an additional $2 billion to upgrade the facility, but due to the continuing instability in Libya, he said it is too early to revive those plans.

If you don’t give the wound enough time to heal, it will open again. Still today, the situation is fragile.

The refinery is owned  by the Libyan Emirati Refining Company (Lerco), a joint venture between the Libyan National Oil Company (NOC) and Trasta Energy, headed by the al Ghurair family.

(Source: Gulf Business)

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