The Chairman of the Board of the National Oil Corporation, Masoud Suleiman, told Reuters in London that Libya aims to restart the Ras Lanuf oil refinery, which has a production capacity of 220,000 barrels per day, within six to twelve months in order to supply the local market.
According to Reuters, the refinery, the largest in Libya, has remained out of service since 2013 amid an arbitration dispute between the National Oil Corporation and its Emirati partner in the Trasta plant.
Suleiman added regarding the restart process: “The budget has been allocated.”
He further stated that the National Research Center has the workforce and equipment necessary for maintenance operations, which are expected to cost around $60 million.
The agency also explained that Libya’s oil sector, the country’s main source of income, has faced repeated disruptions, according to Reuters.
