Gulf Finance House is engaged in similar plans to construct energy cities in India and Qatar.
Today we advanced by a significant step as we signed the deal to own the land for the project and started implementing it, after getting the money needed to fund and complete this strategic project, said Abderrhmane Gammoudi, head of Libya’s state Investment Promotion Company.
It will take between three and five years to conclude the project, with the first stage of building the infrastructure to last for 18 months, the officials said.
The energy city will offer business infrastructure for oil and gas producers, refiners, and companies occupied in shipping, energy trading and support services.
Libya is planning to almost double its crude oil production by 2012 with an investment of between $30 billion and $40 billion.
It also wants to become a major gas producer and aims to raise ouput to three billion cubic feet per day (bcfd) by the next year, with a potential for 3.8bcfd by 2015, compared with the current 2.7bcfd.
