Libya seeks FDI to boost oil output
Sufficient investment could bring Libya’s oil production back to pre-revolution levels.
Libyan government and private sector officials have sought financial support and investment during th UK-Libya Reconstruction and Investment forum hosted by Developing Markets Associates in London. The speakers, who included Libyan Deputy Prime Minister Ahmed Maiteeq and Libya National Oil Corporation chairman Mustafa Sanalla, claimed that oil production could rise by nearly 70% by the second half of 2017 if the country attracts enough investment.
“We need private investors because they have the know-how to carry out investments in a country like Libya,” Mr Maiteeq told fDi at the event. “The goal for Libya is getting back to our pre-revolution level of 1.6 million barrels per day.”
Since the reopening of three major ports and a pipeline in September, Libya’s oil output has more than doubled to 700,000 barrels per day. The country remains beset by tribal conflict and political turmoil, however, and the Tripoli-based Government of National Accord has been heavily criticised for failing to provide basic services like reliable electricity to Libyans. With this and a notoriously difficult and unresponsive bureaucracy, many investors remain wary.
The fDi Report 2016
Most popular content
- fDi American Cities of the Future 2017/18 – New York triumphs again
- fDi’s Global Cities of the Future 2016/17 – the winners
- fDi American Cities of the Future 2017/18 – FDI Strategy winners
- The first resort: how FDI can help the Maldives to preserve its paradise
- Maldives pushes sustainability at home and abroad
Crossborder investment monitor
fDi Markets is the only online database tracking crossborder greenfield investment covering all sectors and countries worldwide. It provides real-time monitoring of investment projects, capital investment and job creation with powerful tools to track and profile companies investing overseas.
Corporate location benchmarking tool
fDi Benchmark is the only online tool to benchmark the competitiveness of countries and cities in over 50 sectors. Its comprehensive location data series covers the main cost and quality competitiveness indicators for over 300 locations around the world.
fDi Intelligence provides customised reports and data research which deliver vital business intelligence to corporations, investment promotion agencies, economic development organisations, consulting firms and research institutions.Find out more.