Financial and energy markets analyst Ali Al-Farsi believes that developing oil refineries is an important step, but it requires huge funding that could exceed one billion dollars to rehabilitate facilities such as the Ras Lanuf, Sarir, and Zawiya refineries.
In exclusive statements to “Al-Ain News,” Al-Farsi pointed to the recent escalation of fuel smuggling operations, especially in Zuwara and Zawiya, explaining that these activities generate billions for armed gangs, which makes combating smuggling a top priority before any plan to meet local market needs.
Al-Farsi noted that hiring international consulting firms enhances transparency in the sector’s management, praising the leadership of the National Oil Corporation Chairman, Masoud Suleiman, whom he described as “a neutral man who enjoys wide acceptance within the sector.”
He pointed out that the National Oil Corporation has succeeded in avoiding a crippling crisis by relying on temporary swap mechanisms when funding is delayed, stressing that funding remains the biggest challenge for the corporation amid the complexities of the political scene.