Finance Minister Calls on Oil Companies to Return to Libya


Libya’s Minister of Finance, Khaled Al-Mabrouk called on international oil companies to expedite their return, resume operations, and actively contribute to the success of the National Oil Corporation’s (NOC) investment plans.

This came during a speech he delivered on the sidelines of his participation in the oil and gas sector support forum, held in Istanbul. This was in the presence of the NOC and major foreign oil companies.

On Friday, Libya’s NOC held the Oil and Gas Sector Support Forum.

The forum was held with the participation of the Central Bank of Libya (CBL), the Libyan Audit Bureau, a number of ministers from the Government of National Unity (GNU), and the Libyan Investment Authority (LIA). The Libyan Foreign Bank, several international banks, and international oil companies Eni, Total, ConocoPhillips, Repsol, OMV, and Wintershall also participated.

Local companies operating in the sector, including Zueitina, Al Waha, Arabian Gulf, Akakus, Mellita, Al Sarir, Al Harouge, Al Mabrouk took part in the conference.

The forum aims to “present NOC’s tripartite plan and vision to increase production in the oil and gas sector. It also aims to support the banking sector and various financial institutions for the corporation’s programs and projects.”

One of the objectives of the forum is also to “discuss the partnership between the Libyan private sector and foreign companies, with the aim of activating partnerships.”

The Chairman of the NOC, Farhat Bengdara stressed the importance of holding the forum during this period. He praised the role of the government, the CBL and the Audit Bureau in “stabilising and supporting the sector, so that it can lift the force majeure, reactivate agreements with international companies, and address all the difficulties that the institution faced over the years.”