(MENAFN) Libya is seeking its first loans to finance projects that will double refining and expand chemical production, Times of Oman reported.
The country hopes the projects, estimated to cost around USD60 billion, will increase the country's refining production to1 million barrels per day (bpd) from 380,000 bpd now.
Chairman of the Libyan Petroleum Institute said that Islamic debt is an option the country is considering. He also said that borrowing from foreign banks will allow the government to use its funds on schools, hospitals and housing.
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