The Zallaf Libya South Refinery Project is a strategic initiative that will provide significant social and economic benefits to southern Libya. The construction of this refinery in Aubari is expected to create jobs, improve infrastructure, and benefit the community by better meeting the region's energy requirements. BACB partnered with its majority shareholder, Libyan Foreign Bank (LFB), leveraging their combined expertise and experience to deliver a project of regional and strategic importance.
Client centricity is core to BACB’s ethos and this tailored, cross-border solution – supported by our shareholder network – demonstrates our commitment to serving clients now and in the future.
This deal exhibits the strategic intent between BACB, LFB, UOP Limited - Honeywell Group and Zallaf Libyan Oil & Gas Company to facilitate the funding of the supply and install of ISBL Long Lead items for the refinery project through trade finance instruments including Letters of Credit.
BACB's expertise in structuring and facilitating complex trade finance solutions across Africa was key. This award reflects BACB's deep regional expertise and commitment to supporting impactful projects in North Africa and the bank is extremely proud of the benefits that this project will provide for Libya.
"This deal underscores the strength of BACB's unique Trade Finance offering and footprint in Libya," commented Damian Austin, Chief Banking Officer, “leveraging our position in London's financial markets to channel finance into specialist developing economies. Working with our close partners in both London and Libya, we are delighted to bring such necessary infrastructure to Southern Libya and look forward to continuing to work with our partners and clients on future Libyan infrastructure projects."
