Libya Oil Refinery Project Seeks Financing
Zwara Oil Refining Company, or ZORCO, has made HSBC the financial adviser to a crude oil refinery expected to be built in Zwara, located in northwest Libya.
ZORCO is owned by Tamoil Africa Holding, which is in turn owned by the Libya Africa Investment Portfolio. This ultimately means the Libyan government has ownership. Important to note is that this will be the first large project sponsored by the government that will be commercially financed.
When done, the refinery “will be producing refined oil products targeting the local, regional and international markets, and is expected to benefit from Tamoil’s, and its sister company Libya Oil Holding’s extensive distribution network in Africa and regionally.”
This refinery is also expected to be the greenest and most environmentally conscious refinery ever built.
Sarah Dada
