Waha Oil Company signs deal to rent Bulaila Tower

Waha Oil Company signs deal to rent Bulaila Tower

July 06, 2015 - 19:07
Posted in:
Written By: AbdullahBenIbrahim

Bulaila Towers (Middle)

The owner company of Bulaila Towers in Tripoli said it is very close to signing a contract with Waha Oil Company (WOC) by which it would rent the tallest tower of the two for a period of 10 years for about 70 million dinars.

This deal, which has reached the final stage, is a result of almost three-month negotiations and is expected to be signed before the end of this month, knowing that Waha Company will officially move to the tower in January 2016.

The National Oil Corporation, the owner company of WOC, has relevantly said that the rental contract will end as soon as the new WOC’s headquarters, which is under construction in Hai Al-Andalus area, Tripoli, is ready.

Bulaila consists of two towers, the first has 34 floors and the second has 27 ones, however, WOC has chosen the first being the tallest in Tripoli, not to mention that it is located in the heart of the capital and has on the roof a landing pad for helicopters.

Whereas, the second tower would remain empty as there is a lawsuit for its ownership between the owner company and the Libyan Investments Company, which bought it for LYD 123 million back in 2010.

Waha Oil Company, which has many oil fields and produces about 400 thousand barrels a day, is one of the biggest Libyan companies in the oil industry, which is owned by the National Oil Corporation in a joint venture with the American companies of Conoco Philips, Amerada Hess, and Marathon.