Ahmed Abu Heisa, Libya’s Minister of Industry and Minerals, and Italian Ambassador to Libya, Gianluca Alberini, discussed on Sunday “the importance of strengthening economic cooperation between Italy and Libya and allowing the return of Italian companies to the North African country,” according to a statement by the Libyan Ministry of Industry.
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Libya’s net revenue from the sale of crude oil, natural gas, condensates and petrochemicals exceeded $17 billion in the first ten months of 2023, the country’s state-owned National Oil Corporation (NOC) said in a statement on its official page on Facebook.
The Libyan dinar recovered some of its value in the black/parallel market against the major hard currencies Wednesday after steady losses over the last week. One popular exchange site quoted a low of LD 6.27 Tuesday, before recovering to LD 5.61 to the dollar Wednesday.
Prime Minister Abdul Hamid Dbeibeh is considering plans to scrap fossil fuel subsidy in attempt to stop smuggling.
Libya’s National Oil Corporation has announced the launch of a new website dedicated to global investors.
Oil prices struggled on Wednesday after sliding to their lowest levels in over three months in the previous session, according to Reuters.
Sonatrach, Algeria’s state-owned oil company, is resuming gas exploration activities in Libya after years of halt.
Libya’s National Oil Corporation (NOC) will sign a new exploration agreement during the Libya Energy & Economic Summit 2023 scheduled for November 8.
The Libyan company Goshtaf is proposing a plan to plant 40 million Jatropha trees to produce and localize the biofuel industry.
Libyan exports fell by 11.7 percent in the first half of 2023 to 17.3 billion dollars from 19.6 billion dollars in the same period of 2022, the Central Bank of Libya said in a report.