Libya’s National Oil Corporation (NOC) Chairman Masoud Suleiman met Thursday in Tripoli with Ali Mahmoud Hassan, Chairman and CEO of the Libyan Investment Authority (LIA), to discuss strengthening and expanding joint energy projects aimed at boosting oil production and maximizing economic returns.
The meeting focused on several key ventures jointly managed by the NOC and LIA, including the Gulf of Sirte project, the Ghadames Basin project, and the Hamada Al-Hamra project.
These developments are considered crucial to Libya’s strategy for increasing crude output, attracting investment, and boosting revenues from its most vital economic sector.
Both leaders emphasized that deeper coordination between the energy and investment sectors is essential for unlocking the country’s full resource potential. The NOC brings operational expertise and technical capacity, while the LIA, as Libya’s sovereign wealth fund, offers the financial power and investment networks needed to support large-scale projects. By combining their capabilities, the two institutions aim to accelerate timelines, overcome funding challenges, and ensure the optimal exploitation of national resources.
The discussions come as Libya works to modernize its oil infrastructure, upgrade production facilities, and position itself competitively in global markets. Higher output would not only strengthen Libya’s fiscal position but also help stabilize the economy, which has been strained by years of political division and underinvestment in critical infrastructure.
The NOC reiterated that boosting production is a key national priority, with plans to steadily increase capacity toward the long-term goal of two million barrels per day. The LIA reaffirmed its commitment to channeling investment into projects that deliver both strong returns and sustainable economic benefits.
The meeting ended with an agreement to set up joint technical and financial teams to track project progress, address operational hurdles, and align efforts with Libya’s broader development goals.
