Libya Africa Investment Portfolio (LIAP) has signed an agreement to establish a Libyan-Turkish joint venture for petrochemical industries to construct a plant for producing bitumen, a key component in asphalt production. 

The signing ceremony in Istanbul featured Mustafa Abu Fnas, Chairman of LIAP, and Amin Shakmak, President of the Federation of Turkish Companies Investing in Africa. 

Khalifa Al-Shibani of Libya Oil signed the agreement as the first party, Mohamed Seraj Dogramaci of Royal Energy as the second party, and Ron Koperberg of the American firm Bazk Equipment, the manufacturer of the plant's machinery, as the third party. 

The plant, with a daily production capacity of 500 tons, is expected to be operational within a year. Machinery and equipment manufacturing will take around 7-8 months in Houston, USA, with an additional month for transportation to Libya. 

Civil construction work for the 3-hectare plant will be completed concurrently. The installation and operational trials are expected to take around three months.