Ahmad 
An agreement was signed in Istanbul, Turkey, to establish a Libyan-Turkish company for petrochemical industries to build a factory in Libya for the production of bitumen, which is the main component for asphalt production.
The agreement was signed by Khalifa Al-Shaibani, Chairman of Libya Naft, a subsidiary of Libya Africa Investment Portfolio, as a first party, Mohamed Siraj Dogramasi from Royal Energy as a second party, and Ron Copierberg from Bazak Equipment, the American manufacturer of the factory’s machines, as a third party.
The signing ceremony took place in the presence of Mustafa Abu Fanas, Chairman of the Board of Directors of Libya Africa Investment Portfolio, and Amin Çakmak, Chairman of the Association of Turkish Investing Companies in Africa.
One of the stated goals is that the production capacity of the factory reaches 500 tons per day, and that the factory is ready to enter the production stage within a maximum period of one year, and it is expected that the process of manufacturing machinery and equipment in the American city of Houston will take about 7 to 8 months and its arrival from the United States to Libya needs about a month, and in parallel with that, the necessary civil construction will be completed for the factory headquarters, which will be built on an area of up to 3 hectares to ensure that any expansions can be accommodated. Future installation, and commissioning trials will take approximately 3 months.
Libya Africa Investment Portfolio expressed its hope that this plant will cover an important part of the Libyan market’s needs of these products necessary for the construction and maintenance of roads projects that the country is witnessing on a large scale during this period.