http://www.libyaninvestment.com/libya_news.php?page=page&pageNo=0&Info=6866

Klesch to invest in an $8 bln project in Libya ..

London-based private equity firm Klesch said on Tuesday it is to invest in an $8 billion project in Libya to build a 300,000 barrels per day oil refinery and a 725,000 tonne per year aluminium smelter. Chairman Gary Klesch told Reuters he could not disclose where the complex would be built, but the Libyan government would make an announcement "in due course." The industrial complex is due to be completed by 2011. Last May, Klesch bought an aluminium smelter in Vlissingen in the Netherlands from Alcan. Klesch's Libyan investment also illustrates private equity's increasing interest in emerging markets. Emerging market countries offer private equity groups higher growth than mature markets and buyout firms can often find local lenders willing to provide financing on more favouable terms than Western banks, which have become more risk-averse after the credit crunch.
 [Reuters]

2008-02-20