The parallel government in eastern Libya offered the Russian company Tatneft a proposal to establish an oil refinery in Libya.

This proposal came during the participation of a delegation from the parallel government in the Russia-Islamic World Forum in the city of Kazan, Tatarstan, which observers considered an opportunity for the parallel government to attract investments to eastern Libya.

Investment Minister Ali Al-Saidi said, in an interview with the Russian Novosti Agency on Saturday, that he held meetings with representatives of Tatneft Oil Company on the sidelines of the International Economic Forum Russia-Islamic World, and revealed their invitation to come to Libya and build a refinery in Benghazi and Tobruk.

The Minister confirmed that the government is ready to enter into an agreement with the Russian company, while Tatneft, which is active in Libya, expressed its interest in the project. He explained: “Russia has a lot of crude oil, but its supplies are now difficult due to sanctions and embargoes. This matter could be solved by a refinery being established in Libya, where crude oil will be transported, and oil derivatives will then be sold.”

Al-Saidi added that the Russian company can also use the oil that already exists in Libya to refine it. He said "Libya has incredible reserves," expressing his hope that the agreement would be completed.

Al-Saidi said earlier that he had invited Russian companies to invest in Libya, stressing that the doors were open for those companies to participate in projects in various sectors.