A Memorandum of Understanding has been signed between National Oil Corporation, Libya and the Vitol Group to build storage tanks in Ras Lanuf . The project will create a terminal to both receive and export petroleum products, and to be a centre for storing and blending, both for the domestic and international markets.

The signing took place in Tripoli on Monday, 9th June 2008 between Dr Shokri Ghanem, Chairman of NOC and Mr Ian Taylor, President of Vitol. The signing was also attended by Mr. Faraj Said, NOC’s Under-Secretary and Mr. Omar El-Ghazal, Oil & Gas Processing General Manager.