The Libyan Parliament-designated Prime Minister, Osama Hammad announced ambitious plans for the country’s oil sector.
He said his government “aims to create favourable conditions for real investments in the local and regional economy.”
During the opening session of the 3rd edition of Libya Oil, Gas, and Renewable Energy Fair in Benghazi, Hammad emphasised the need to “localize technology and economic investments within Libya. Despite ample local resources, Libya imports over 70% of its daily fuel needs.
Monopolizing technology has hindered the country’s economic interests in the oil sector,”
The PM affirmed that his government is committed to “changing this dynamic and fostering genuine investment.”
Notably, Benghazi is hosting the Libya Oil, Gas, and Renewable Energy Fair from 13-15 November.
The fair, held at Awhar Al Hawari Exhibition Grounds, brings together major companies from the oil, gas, and renewable energy sectors.
It’s a platform for knowledge exchange, and showcasing the latest industry technologies and innovations. The event facilitates strategic partnerships and discussions on industry trends and challenges, and is organized by the Ministry of Electricity and Renewable Energy.
Notably, Libya’s National Oil Corporation (NOC) announced the launch of its Investor Registration Portal, in a drive to boost transparency and leverage untapped oil reserves.
The Corporation said in a statement, that the step coincides with a significant increase in oil production, as the NOC works toward its strategic production goals.
The portal invited both local and international investors to explore opportunities in Libya’s energy sector.
By registering at the NOC Investor Registration Portal, investors can become part of Libya’s oil future. Investors can register at www.nocinvestment.ly.
The statement noted that the NOC aims to “enhance oil infrastructure, and unlock the potential of undeveloped oil fields.”
Notably, the Central Bank of Libya (CBL) announced that the country’s oil sales revenue reached 74.4 billion dinars (approximately $15.16 billion US dollars) until October 2023.
The revenue had amounted to 67.1 billion dinars at the end of September 2023.
As the primary source of foreign exchange, and the mainstay of the country’s revenue, oil remains central to Libya’s economy, according to the Arab World News Agency.