Africa Intelligence reported that Libya’s National Oil Corporation (NOC) has awarded the project of linking Sirte basin oilfields to Ras Lanuf and Al-Sidr ports to Oil Invest, a subsidiary of the Libyan Investment Authority (LIA).
The huge pipeline project across Sirte desert has an investment value of about $2 billion, according to Africa Intelligence. NOC has not released an official statement on this assignment.
Oil Invest is a nationally owned company under LIA. The intelligence platform noted its offer surpassed competing Egyptian and Emirati bids.
700 km pipeline to connect Sirte oilfields
Earlier this month, NOC Chairman Farhat Bengdara said the government approved a 700 km pipeline project linking Sirte oilfields to Ras Lanuf and Al-Sidr ports.
NOC reported Bengdara noting cooperation with the government to change NOC’s financing method through direct deduction from revenues.
In 2021, a Deloitte audit found relative stability in LIA asset value thanks to an increase in Oil Invest and long-term investment portfolio value. Most assets, including $33.5 billion liquidity and $20.1 billion investment portfolios, are frozen abroad.