Petroleum Africa
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Wednesday, August 13, 2008
According to the Libyan Investment website, the Libya Oil Holding Co. has signed a pipeline contract with the Democratic Republic of Congo valued at $300 million. The deal will see the company building oil storage and control facilities and a 140 km pipeline, according to its CEO Ali al Shamekh.
Shamekh said the facilities will be located near the Banana area on the country’s Atlantic Coast from where the pipeline would carry the petroleum products inland.
In addition, Libya Oil Holding also acquired the retail business of Royal Dutch/Shell in Ethiopia, Djibouti and Sudan. It is believed that the company will gain over 230 petroleum distribution stations across the three countries.
"The deal to buy Shell operations is consistent with Libya Oil Holding Company’s global strategy to expand business in Africa," Shamekh told Reuters.
The acquisition of the Shell retail outlets is consistent with the state company’s expansion strategy over the past couple of years, picking up downstream retails assets held by ExxonMobil and others.
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