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German companies express interest in Libyan oil and gas sector

The Address | Benghazi – Libya

TUNIS – Chairman of National Oil Corporation (NOC), Eng. Mustafa Sanalla took part in the Libyan-German Economic Forum, held on March 8, 2019, in Tunis, alongside a number of other Tripoli-based institutions and His Excellency Oliver Owcza, Ambassador to Libya. Discussions focused on Libya’s economic recovery and in-country investment opportunities.

German companies expressed their desire to return and invest in Libya, most specifically in the oil and gas sector. Mutual commercial opportunities, including investment in development projects, the support of small and medium-sized enterprise growth, and specialized technical training were also discussed, NOC said in a statement.

In his remarks, Sanalla highlighted the opportunity open to German and international companies in the oil sector: “Libya is rich in hydrocarbon reserves, making it an attractive prospect for inward investment. Additional technological expertise can help drive production output, thereby contributing to our strategic outlook and through increased oil and gas production, help drive our national recovery,” he said.

Other parties at the meeting included representatives from the Presidency Council of the Tripoli-based Government of National Accord (GNA), Central Bank, GNA Ministry of Local Government, NOC subsidiaries, as well as German financial institutions and corporations, the statement said.

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