Zwara Oil Refining Company (Zorco), has appointed HSBC as financial advisor for a 200,000 barrel per day crude oil refinery to be located in north-western Libya. Zprco is the project company of Tamoil Africa Holding, a company ultimately owned by the Libya Africa Investment Portfolio and the Libyan Government.
Zprco will build, own and operate the refinery in the Zwara region in northwest Libya. The project represents the first investment for Tamoil in Libya, and is among the largest projects in the country. It is also the first major government-sponsored project to seek commercial finance.
Zorco is the largest greenfield government-led project in Libya. Once completed, the refinery will be producing refined oil products targeting the local, regional and international markets, and is expected to benefit from Tamoil’s, and its sister company Libya Oil Holding’s extensive distribution network in Africa and regionally.
Darren Davis, Head of HSBC’s Project and Export Finance Middle East and North Africa division and Dr. Ali Shamekh, Chairman of Tamoil Africa Holding Ltd and of (Zorco), signed the agreement in Tripoli recently.
Dr Shamekh said, "This project will be the most environmental friendly refinery ever built and will service the local, regional and international markets. It will also be the first project in Libya to be financed on a commercially structured project finance basis costing around $4 billion."