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A ceremony was held to sign an agreement for the establishment of a Libyan-Turkish petrochemical industries company. This agreement aims to build a factory in Libya for the production of bitumen, which is a crucial component in asphalt production.
The agreement was signed by Khalifa Al-Shibani, the Chairman of the Board of “Libya Oil,” a subsidiary of The Libya Africa Investment Portfolio, as the first party, and Mohammed Siraj Doghramasi representing “Royal Energy” as the second party, and Ron Cooperberg representing the American company “Bazk Equipment,” the manufacturer of factory machinery, as the third party.
The signing ceremony was attended by Mustafa Abu Fanas, the Chairman of the Board of the Libyan Africa Investment Portfolio, and Emin Shakmak, the President of the Turkish Companies Union investing in Africa.
The announced goals include achieving a production capacity of 500 tons per day for the factory, with the aim of having the factory ready for production within a maximum period of one year. It is expected that the manufacturing process of machinery and equipment in Houston, USA, will take about 7 to 8 months, and their arrival from the United States to Libya will take approximately one month. Concurrently, the necessary civil construction for the factory’s headquarters, covering an area of up to 3 hectares to accommodate any future expansions, will be completed. The installation and operation trials are expected to take around 3 months.
The Libyan Africa Investment Portfolio expressed hope that this factory would cover a significant portion of the Libyan market’s needs for these essential products, especially for road construction and maintenance projects currently widespread in the country.