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Tag: libya

Dbeibeh Discusses with the Spanish Ambassador the Importance of Neutralizing Oil Fields from Political Tensions, Especially the Sharara Field

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The Prime Minister of the National Unity Government, Abdul Hamid Dbeibeh, discussed with the Spanish Ambassador to Libya the enhancement of economic cooperation between the two countries. The meeting focused on exploring opportunities for the development of Spanish companies’ operations in Libya and supporting mutual investments across various sectors.

The discussion also addressed the critical importance of neutralizing oil fields from any political tensions, particularly the Sharara oil field, which is one of Libya’s largest oil fields. This move is aimed at ensuring stable production levels and supporting the Libyan economy.

President of the Rome Chamber of Commerce to Nova: “Contracts for Italian Companies in Infrastructure Projects in Libya Triple Due to $8 Billion Agreement Between the National Oil Corporation and Eni”

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According to Lorenzo Tagliavanti, the President of the Rome Chamber of Commerce, the collaboration between Italy and Libya has seen Italian companies play a leading role in implementing important infrastructure projects over the years. This is evident from the recent tripling of contracts awarded to Bonatti, thanks to an $8 billion agreement between the Libyan National Oil Corporation and Eni.

Tagliavanti emphasized the historical and cultural significance of the relationship between Italy and Libya, highlighting how this partnership has cultivated a fertile ground for future cooperation. He stated, “There are 450,000 companies in our city, and we are honored to have our institution chosen to host this important initiative.”

He added that the rich historical traditions and trade connections between the two countries provide a solid foundation for building new growth pathways. He stressed the role of the Rome Chamber of Commerce in facilitating economic exchanges and promoting mutual understanding between Italian and Libyan companies.

The President of the Rome Chamber of Commerce stated, “We are convinced that economic development and peace are essential elements for the well-being of our populations,” noting that meeting with key entrepreneurs provides an opportunity to strengthen relations between the two countries and establish strategic agreements that benefit not only Italian and Libyan companies but also the stability of the entire Mediterranean region.

Tagliavanti pointed out that Libya represents a highly promising economic market for Italian companies, particularly in the energy and infrastructure sectors, as it possesses significant oil resources, making it one of the leading countries in Africa in terms of crude oil reserves.

This statement was made during a roundtable meeting on energy and infrastructure between Libya and Italy, organized by Energy Capital & Power in collaboration with the Italian-Libyan Chamber of Commerce, the Rome Chamber of Commerce, the Italian-Libyan Parliamentary Friendship Group, and the Italian Trade Agency.

Al-Menfi Affirms Libya’s Commitment to Its Regional and International Role in Supporting the Principles Sought by the Future Summit

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The President of the Presidential Council, Mohamed Al-Menfi, stated during his participation in the Future Summit, held on the sidelines of the 79th session of the United Nations General Assembly, that Libya seeks to uphold its regional and international role in supporting the principles aimed at being achieved by the summit. He emphasized the importance of enhancing dialogue and cooperation to address common challenges such as climate change, illegal migration, and terrorism.

Al-Menfi confirmed that Libya is committed to working with international partners to find innovative and sustainable solutions by leveraging strategic expertise and utilizing modern technologies to confront these challenges.

During the summit, several key issues were discussed, including sustainable development, peace and security, global governance, human rights, and the climate crisis.

Nova Agency: Eni Plans to Launch Structure A and E Gas Production Project Starting Late 2026, Aiming for 750 Million Cubic Feet Per Day

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Nova reported that the Head of North Africa and the Middle East at Eni, Martina Opizzi, announced during a roundtable on energy and infrastructure between Libya and Italy, organized by Energy Capital and Power yesterday in Rome, that this increase will be crucial not only to meet Libya’s domestic needs but also to support exports to Europe.

Nova highlighted another important initiative concerning the modernization of Eni’s offshore facilities in Libya. Opizzi stated that the Sabratha gas compression project, a new initiative to boost production, is set to be launched by 2025, which will supply the country with approximately 100 million cubic feet of gas daily. These projects also incorporate a significant sustainability component, with Eni committed to reducing its carbon footprint through gas storage initiatives.

In her remarks during the forum held yesterday at the Rome Chamber of Commerce, Obitz emphasized the importance of creating a competitive environment for service contracts in Libya, asserting that “it is essential to achieve stability, increase production, and bring it back to 2011 levels,” referring to Eni’s efforts to ensure sustainable energy production even during the most challenging periods for Libya.

The Nova Agency also reported that Eni will begin exploration activities in the Ghadames Basin, scheduled for 2025.

Opizzi told the agency, “We have never stopped viewing Libya as an important area for oil and gas production. We believe there are still resources to be discovered, and we also plan to conduct offshore exploration in the near future. Libya is a strategic country in the energy market due to its vast natural resources and its advanced infrastructure, such as the Greenstream gas pipeline.”

Opizzi noted that most of the gas extracted by Eni in Libya is allocated for domestic consumption in the local market, with only a minority being exported to Italy via pipelines that cross the Mediterranean Sea and land in Gela, Sicily.

Al-Dharat to Nova: “Uncertainty Regarding the Management of the Central Bank of Libya is Paralyzing the Economic System”

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The Chairman of the Libyan Foreign Bank, Mohamed Al-Dharat, stated to Nova Agency that uncertainty surrounding the management of the Central Bank of Libya and a lack of trust in financial transactions have led to a paralysis in the economic system.

Al-Dharat emphasized that Libya has not been excluded from the SWIFT system (Society for Worldwide Interbank Financial Telecommunication), despite recent rumors. He noted that there are no specific conditions for entering or exiting the SWIFT system, which is a service provided to many banks, and confirmed that the Libyan Foreign Bank is still operational within this system.

He clarified that it is incorrect to speak of complete exclusion, stating that the SWIFT system functions like a network of email or phone messages; you can send messages, but if you don’t receive replies or transactions are not completed, they hold no value. The real issue lies not in the connection to SWIFT but in international banks’ willingness to respect transactions coming from Libya.

Al-Dharat added that many banks have halted their operations while awaiting thorough inspections, particularly due to uncertainty regarding the leadership of the Central Bank of Libya. He emphasized that the main issue revolves around transactions in U.S. dollars.

He pointed out a clarification from the U.S. Treasury, which confirmed that it would not recognize transactions related to the assets of the Central Bank of Libya, highlighting that while Libya is not completely isolated, financial difficulties continue to grow.

Al-Dharat mentioned that “the Libyan Foreign Bank is currently the only financial gateway for the country,” noting that consumer goods prices have significantly increased, with some products rising by up to 300%. He referenced the substantial rise in costs in the parallel market, where the Libyan currency has lost much of its value.

He stressed the severe impact of the crisis on business activities in the country, explaining that “traders and economic actors face difficulties; they are unable to conduct business or carry out their operations efficiently.” The uncertainty regarding the management of the Central Bank of Libya and the lack of trust in financial transactions have indeed paralyzed the economic system.

Al-Dharat warned that each day that passes without a solution exacerbates the situation, making it increasingly difficult to resolve the issue. He emphasized that prolonging the financial crisis is pushing the country toward economic collapse.

He concluded his statement by saying, “Something must change as soon as possible, or the situation will become unsustainable,” expressing hope for a resolution before conditions deteriorate further.

Al-Agouri Urges Swiss Ambassador to Libya to Reopen Embassy in Tripoli and Consulate in Benghazi

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The Chairman of the Foreign Affairs and International Cooperation Committee in the House of Representatives, Youssef Al-Agouri, discussed with the Swiss Ambassador the latest political developments, the crisis at the Central Bank of Libya, and the national reconciliation file.

Al-Agouri called for the reopening of the Swiss Embassy in Tripoli and the consulate in Benghazi, as well as the facilitation of travel procedures for Libyans.

He also highlighted the formation of an administrative team from the House of Representatives to focus on human rights issues by reviewing international reports and collaborating with relevant executive bodies to identify institutional needs for capacity-building to strengthen this area.

G7 Countries Call for Restoration of Stability at the Central Bank of Libya

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Members of the G7 issued a statement today, Tuesday, expressing deep concern over recent developments in Libya, particularly regarding the conflict over the leadership of the Central Bank of Libya and the High Council of State.

In their statement, G7 members stressed that these developments highlight the fragility of the current situation, urging Libyan parties to reach urgent solutions to address the situation at the Central Bank of Libya and restore its standing within the international financial community.

The members reaffirmed their strong commitment to Libya’s stability, sovereignty, independence, and unity, emphasizing the need for the swift appointment of a new UN representative without delay. They also warned against unilateral actions that could heighten political tensions and open the door to foreign interventions.

Al-Shahubi Discusses Revitalization Project with Mayor of Al-Qawalish

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During a meeting with the mayor and members of Al-Qawalish Municipal Council, Minister of Transport in the Government of National Unity, Mohamed Al-Shahubi, discussed projects aimed at revitalizing the area.

The mayor presented the challenges and obstacles facing the city in various service sectors, particularly in transportation and the urgent need for road maintenance leading to the municipality, as well as the establishment of new roads.

Minister of Justice Opens New Judicial Facilities in Tajoura

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The Minister of Justice in the Government of National Unity, Halima Abdulrahman, inaugurated several new judicial facilities in Tajoura, including a branch of the Judicial Expertise Center, the Forensic Medicine Office, and the headquarters of the Forensic Medicine Institute.

The inauguration was attended by the heads of the Judicial Expertise and Research Center, the Judicial Police Authority, the Real Estate Registration Authority, and the Information and Documentation Center, along with several members of judicial bodies.

Al-Akkari: “True Experts Can Keep Official Exchange Rate Below 4.15 Dinars per Dollar”

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Former member of the Central Bank’s Exchange Rate Committee, Misbah Al-Akkari, shared his comparison between the exchange rates of the dollar, which reached 8.23 dinars per dollar yesterday and dropped to 7.86 today. He described the market as cowardly, as it harbors fake and unreal prices. He explained that this is a period of uncertainty exploited by speculators to make profits at the expense of the vulnerable, as he put it. Al-Akkari confirmed that the Central Bank crisis is nearing its end in the coming period. “With the lifting of the force majeure on oil fields, the official exchange rate, when handled by real experts, will not exceed 4.15 dinars as the first phase of true reform.”

In his post, Al-Akkari wrote: “Why all this panic and growing fear? You are sitting on a sea of oil, with a landmass three times the size of France. You have a coastline 1,900 kilometers long and a small population with a simple, non-complex economy that can achieve self-sufficiency in many goods. You have a desert capable of producing electricity through solar energy to power Europe.”

Al-Akkari concluded by saying, “We are a young nation, meaning we have productive energy. So why let fear and pessimism dominate you? Speak of good, and you will find it.”