Authorities in eastern Libya have proposed that Russian companies build oil refineries in the country. These refineries would allow Russian businesses to trade petroleum products from Libyan territory, rather than from Russia, said Ali al-Qaidi, Minister of Investment in the parliament-appointed Libyan government.
According to the minister, Russian companies currently do not invest in the Libyan market, and international players are generally hesitant to invest due to the unstable security situation. He noted that the proposal aims to deepen financial and investment cooperation between the two countries.
Libya possesses Africa's largest proven oil reserves. However, the country's oil industry has been severely affected by the consequences of civil conflict and political instability, leading to prolonged shutdowns of fields and ports. In June 2026, Libya's daily oil production reached 1.487 million barrels for the first time since 2013.