from www.en.libya.com.ly/ from January 8 2008

 A Joint Venture Framework Agreement signed between NOC and Star Consortium
    
The National Oil Corporation of Libya and Star Consortium consisting of TransAsia Gas International and Star Petro Energy of the United Arab Emirates have today the 7th of January, 2008 in Tripoli Libya signed a Joint Venture Framework Agreement to establish a 50% - 50% Joint Venture Company for the revamp and upgrading of the Ras Lanuf 220,000 b/d Refinery.
After formation of the joint venture the revamp and upgrade project will be implemented in two stages:
The first stage will consist of revamping and refurbishment of the existing plant with the aim of increasing its capacity and improving the marketing capability.
The second stage of the project shall comprise upgrading and expanding of the refinery, incorporating state-of-the-art technology for conversion of fuel oil into high value products and improve the economics and the quality of the products in line with the latest international standards.
The Parties estimate that the project will cost approximately US Dollars 2 billion.
TransAsia Gas International and Star Petro Energy are the affiliate companies of Al Ghurair Investment LLC which holds business interests in over 32 countries. The business interests include construction of two 100,000 b/d refineries in Pakistan and Sri Lanka and a 100,000 t/y PVC plant in Qatar.