VIVAnews - PT Medco Energi Internasional Tbk (MEDC) will invest US$400 million for the development of oil refineries in Libya, which may take US$800 million.
"We have partners, there. So the share would be 50-50," said Medco Chief Commissioner Hilmi Panigoro in Jakarta on Wednesday, December 10.
He said, Medco teams up with the Libyan Investment Authority for the refinery project.
He expected that the Libyan government will issue permit in the near future. "I hope that the commercial permit can be issued in March," he said.
As regards the financing, Hilmi said, "If the reserve funding is set, banks will make offer."
He went on to say that the Libyan refineries will only produce within the next three years with an estimated production of 50 thousand barrels per day.
Medco is also aiming at a refinery project in Yaman.
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Translated by: Bonardo Maulana W
