Libya seeks FDI to boost oil output

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.