Libya expects Turkish investments for oil sector

Oil&Gas Materials 5 December 2013 18:35 (UTC +04:00)

Baku, Azerbaijan, Dec. 5

By Rufiz Hafizoglu - Trend:

Libya is inviting Turkish investors to invest in the country's oil sector, head of the National Oil Company (NOC) of Libya Abdulbari al-Arussi said in an interview with the Turkish Sabah newspaper today.

"Libya intends to attract investments worth $ 15 billion in the oil sector of the country's economy for the next 10 years," he said.

"Moreover, Libya is also interested in using Turkey's experience in oil pipeline construction," he added.

"Libya's oil ministry held meetings aimed at attracting investments in the oil sector of the country's economy with more than 10 Turkish companies," he said.

Libya ranks eighth as a crude oil producer among 12 member states of the Organisation of Petroleum Exporting Countries (OPEC) and third in Africa after Nigeria and Angola. Italy is the main importer of Libyan oil, followed by Germany, France and Spain.

Libya's proven oil reserves hit 47 billion barrels. Before the revolution Libya was producing 1.6 million barrels of oil per day.

Oil production amounted to 1.55 million barrels per day in Libya in May 2012. This is a record index for the period after the revolution of February 2011 in the country.