UAE based Al Ghurair Group is planning to invest USD 1.5 billion in a refinery over the next 4 years.

Mr Abdul Aziz Al Ghurair senior official of the group said that the group already has 50% stake in the largest refinery in Libya and it plans to expand the plant.

The initial investment was made three years ago in the Ras Lanuf refinery and is a partnership with the Libyan National Oil Company. Despite the regime change, the investment has continued.

Mr Al Ghurair said that Al Ghurair Group is also looking at contracting, banking and insurance in Libya. "There is a lot to do, and therefore a lot of opportunities. It was necessary for UAE firms to move quickly to set up businesses in the country to benefit from the opportunity existing there.”

He said that "For any investor coming from the UAE, speed is critical. He has to choose where to invest because the whole world is going to be coming here."

(Sourced form www.tradearabia.com)