Joined: 05 Oct 2005
Posts: 315
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LONDON (Thomson Financial) - The Dow Chemical Company and the National Oil Corporation of Libya have announced plans to form a joint venture to operate and expand the Ras Lanuf petrochemical complex in Libya: financial details were not disclosed.
Libya recently embarked on a policy of attracting foreign expertise and investments which will lead to more integration into the global economy. The country said Dow is the first global chemical company to participate in the economic development of the Libyan petrochemical industry. Through the joint venture, Dow will help upgrade and modernize existing assets to develop more high-skilled jobs in country and stimulate investments in associated industries by utilizing its technical capabilities. The agreement encompasses the Ras Lanuf site's existing naphtha cracker, two polyethylene production facilities and associated infrastructure. The project will reportedly include refurbishment and expansion of existing units, followed by construction of an ethane cracker and additional polyethylene and polypropylene facilities. Later phases will include construction of additional hydrocarbon, plastics and chemical production facilities based on natural gas. tf.TFN-Europe_newsdesk@thomson.com rw |
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