Libya on Sunday launched a project to build a new oil refinery and a cooking gas plant in the southern city of Ubari.

"Today, we announce the start of the project for a new oil refinery and a cooking gas plant in the south, and all necessary finances are ready," Libyan Prime Minister Abdul-Hamid Dbeibah said during the project launch ceremony.

Dbeibah said the project will contribute to the development of southern Libya, vowing that "there will be no more war, only peace and prosperity."

The project will cost almost 600 million U.S. dollars and will take about three years to complete.

According to the state-owned National Oil Corporation, the refinery is expected to produce 1.3 million liters of gasoline, 1 million liters of diesel, and 600,000 liters of airplane fuel daily, while the cooking gas plant is expected to produce 8,000 cylinders per day.