Libya draws Saudi interest in refining as regional energy ties deepen

The Libya Africa Investment Portfolio (LAIP) has signed a memorandum of understanding with Saudi Arabia’s Ajyal for Oil and Energy, signalling a move to deepen cooperation in the oil, energy and infrastructure sectors.

The agreement was signed on Monday, 26 January 2026, during a meeting held at the Portfolio’s headquarters in Tripoli. The talks were chaired by the Portfolio’s Chairman, Mustafa Abofnas, and attended by the Director General, Mohamed Al-Miladi, alongside members of the executive management.

Ajyal’s delegation was led by its Chairman, Musleh Al-Dossary, and its Chief Executive Officer, Adel Al-Eidan.

During the meeting, the Libya Africa Investment Portfolio delivered a presentation outlining its activities, areas of operation and key subsidiary companies, as well as the main projects currently under implementation. Particular emphasis was placed on projects being developed inside Libya as part of efforts to strengthen domestic investment.

The two sides also discussed prospects for future cooperation and ways to enhance joint investment, including reviewing the potential participation of Ajyal in the proposed Zuwara oil refinery project. Opportunities to establish joint energy production projects within Libya were also explored.

The discussions concluded with the signing of a memorandum of understanding aimed at fostering cooperation in oil, energy and infrastructure, with the objective of building effective strategic partnerships that support the national economy and promote the exchange of expertise between both sides.

In a statement reviewed by Libyan Express, the Libya Africa Investment Portfolio welcomed the Saudi delegation’s visit, expressing appreciation for what it described as a strong level of seriousness and interest, reflecting the depth of relations between Libya and Saudi Arabia and laying the foundations for productive future cooperation.