Friday, 13 July 2012
The outgoing Prime Minister Abdel Rahim al-Kib, says Libya’s 2012 crude output surpasses expectations in its pre-revolution levels. (Reuters)
Prime Minister Abdel Rahim al-Kib predicted a bright future for foreign investment in Libya especially in the oil sector whose infrastructure needs to be overhauled, in an interview with AFP.
“The plan is to revamp the whole thing and work on the infrastructure of the oil and gas industry... (an) area for projects for companies that might be interested so that we can increase production levels,” he said.
The outgoing premier, whose government did not have the prerogative to sign contracts, noted the country’s 2012 crude output had surpassed expectations and reached its pre-revolution levels.
Current production is about 1.6 million barrels per day.
Libya, a member of the Organization of Petroleum Exporting Countries (OPEC), holds the largest proven oil reserves in Africa. It also boasts vast natural gas reserves.
But other opportunities for investment abound: tourism along a 1,700-kilometre (more than 1,000-mile) Mediterranean coastline, basic infrastructure including roads and housing, airlines, the health and education sectors, and e-governance.
The outgoing premier, whose government did not have the prerogative to sign contracts, noted the country’s 2012 crude output had surpassed expectations and reached its pre-revolution levels.
Current production is about 1.6 million barrels per day.
Libya, a member of the Organization of Petroleum Exporting Countries (OPEC), holds the largest proven oil reserves in Africa. It also boasts vast natural gas reserves.
But other opportunities for investment abound: tourism along a 1,700-kilometre (more than 1,000-mile) Mediterranean coastline, basic infrastructure including roads and housing, airlines, the health and education sectors, and e-governance.
“I guarantee you, any sector you think of, there are plenty of projects to work on,” said Kib, a U.S.-educated electrical engineer, urging international companies to make fact-finding visits.
Libya’s Kib predicts bright future for foreign investors
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