The ministries of industry and oil and gas are in talks with the Libya Africa Investment Portfolio (LAIP) on the latter's potential contribution to the development and operation of several petroleum product factories.

The initiative was presented by a relevant committee at a meeting between the two parties on Monday as part of the government's strategy to localize the oil industry.

Through a visual presentation, the committee highlighted its efforts and introduced plans for operating industrial and oil projects, in which the LAIP would be part of.

On his part, the LAIP Chairman, Mustafa Abu Nass, expressed the institution's readiness to cooperate with and support the committee in this endeavor.

Monday's session was part of a series of meetings held by the portfolio to implement its strategy for prioritizing investment in the national economy while also preserving investments in the African continent, as stated by the LAIP.