Eastern Libya’s Foreign Minister urges foreign companies to invest in national oil sector

Foreign Minister Abdul Hadi al-Huweij of Libya’s eastern-based administration has inspected oilfields and ports after the recent resumption of oil production and called on foreign investors to return to the country’s oil sector after a month-long hiatus, the foreign ministry said early on Friday.

“Minister of Foreign Affairs and International Cooperation in the Libyan government, Dr. Abdul Hadi al-Huweij, visited on September 24, 2020 oil ports in Brega and Sidra … The minister calls on the globe and international petroleum companies to return to investing in the oil sector, which needs continuous development to increase the oil production and reach natural rates,” the ministry said in a press release, a copy of which was obtained by Sputnik.

When inspecting oilfields in Brega, the minister was briefed by the head of the Petroleum Facilities Guard (PFG), Naji al-Maghribi, on the efforts being made by the PFG to ensure security of the ports and companies operating there.

During the tour over Libya’s oil terminals, the minister talked with the chairman of Sirte’s oil and gas company, Masoud Suleiman, and a number of technical staff. According to the press release, al-Huweij highlighted that the oil terminals enjoyed a high degree of security.

At the end of last week, the National Oil Corporation (NOC) announced the resumption of oil production and export after the Libyan National Army (LNA) had reached an agreement with the western authorities and tribal factions to conditionally lift a blockade from oilfields and terminals for a period of one month – the duration of talks between the two warring parties.

The blockade was initially introduced by the LNA in January amid an escalation in violence between Libya’s belligerents. According to the NOC, the loss of the country’s budget has amounted to $9.8 billion as a result of the suspension of oil output.

Source: Sputnik News