Thursday, May 22, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

Italian PM: Libya Will Be Huge Energy Supplier to Europe

May 12, 2022
Share on FacebookShare on Twitter

Italian Prime Minister, Mario Draghi said that Libya could be a huge supplier of gas and oil to Italy, and Europe.

This came during Draghi’s conversation with US President, Joe Biden at the White House on Tuesday, according to the Italian website “Decode 39”.

Addressing the US President, he added: “We must work together to achieve stability in the country.”

Days ago, Libyan Oil Minister, Mohamed Aoun denied Europe’s request to increase oil supplies to meet the European market’s needs. This coincides with the global energy crisis, and amid heightened tensions with Russia.

Aoun said in press remarks to Russia’s Sputnik news agency that Libya is unable to increase production for the next five years.

“The existing capabilities do not allow us to increase production,” he explained.

He added that Libyan production of crude oil is currently 650,000 barrels per day, while gas production reaches two billion cubic feet per day.

Aoun confirmed that Libyan production remains halted. He noted that “the Zueitina Company, Akakus, and Sarir, some of the Mellitah fields and the fields of the Sirte Company are still closed.”

“Production has not resumed yet, but two ships have been filled, to relieve pressure on storage tanks from the Zueitina oil port,” he added.

“Libya is unable, at the present time, to become an alternative to Russian oil for the European Union. Perhaps this will be achieved within five or seven years,” the minister replied to a question from the Russian RIA Novosti Agency in April.

Aoun had earlier said that Libya does not currently have the ability to export oil to Europe via the “Green Stream” undersea line. He explained that Libya’s production is currently allocated to the consumption of power stations in Libya.

“I do not think in the near future, that we will have the ability to increase any quantities of gas for export. I do not think that it will be in the effective quantities that can resolve the shortage crisis in the European Union,” he said.

He pointed out that Libya cannot contribute much to the gas sector. “Despite the agreement with Italy to supply it with Libyan gas, the need for energy inside Libya during the past years led to the recent agreement with Italian companies to reduce the quantities of exported gas for internal use.”

He added that it is “possible to increase the exported quantities in the coming years gradually, but not directly today.”

He pointed out that gas-producing countries will not be able to compensate for Russian gas. This is because they are “linked to long-term contracts that cannot be changed overnight in order to compensate gas for Europe.”

Tags: Italian PMItalylibyaMario Draghi
Next Post

US to Impose Sanctions Against Libya Election Spoilers

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Libya Faces Fuel Crisis as Oil Debts Near $1 Billion

Italy Temporarily Halts Flights to Mitiga Airport in Libyan Capital

US Secretary of State Denies Plans to Relocate Palestinians to Libya

Libya Aims to Resume Energy Contracts with Russian Companies

UN Dismisses Rumours of Libya Talks in Tunisia

NIHRL Head Calls for Peaceful Uprising in Libyan Capital

EDITOR PICKS

Egypt Demands Withdrawal of Foreign Forces from Libya

Libya Discusses Asset Reinvestment with US

Libya’s Crisis Returns to AU Agenda as Ceasefire Support Reaffirmed

UK Embassy Denies Closure Rumours in Libya

Libya Deports 228 Egyptian Migrants

NIHRL Head Calls for Peaceful Uprising in Libyan Capital

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR