NOC subsidiary Zallaf for Oil and Gas Co said in a statement the project would be carried out in two phases but did not issue a schedule for works.
NOC has previously said South Refinery will produce cooking gas, jet fuel and other products, including 1.4 million litres a day of petrol and 1.1 million litres a day of diesel.
Libya is seeking to bring foreign investment back into its energy sector after two and a half years of comparative peace following years of conflict.
It hopes to take advantage of increased demand for its oil and gas in the wake of supply concerns in Europe resulting from the war in Ukraine.
Last month, the Tripoli-based government agreed to move ahead with an offshore gas project in cooperation with Italy's Eni.
However, the political situation remains friable despite a plan for national elections, and even since the October 2020 ceasefire that ended the last big bout of fighting, armed factions have repeatedly shut down production.
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.Go to: https://www.reuters.com/