Follow-up – WAA
On September 23, Italy will host the second edition of the “Libya Energy and Economy Summit” with the participation of several subsidiaries of the National Oil Corporation and leading private sector companies in both countries.
The Italian Nova Agency reported that the summit will discuss prospects for exploration and development, while defining Libya’s role in the global energy scene and exploring the possibilities of partnership and investment in the energy generation, transmission and distribution sectors, with special attention to increasing energy production from renewable sources and cooperation with Europe.
The agency added that this summit will return to Tripoli in 2025 in its third edition, to bring together global investors, project developers and financiers with local stakeholders in key sectors of the Libyan economy.
The summit aims to attract international investments in the oil and gas sectors and renewable energy projects such as solar energy, to serve as a platform to discuss ways to develop new partnerships and improve Libya’s energy infrastructure.
Among the projects to be discussed is the southern refinery project in Fezzan, which seeks to address the local fuel crisis and stabilize oil production.
The discussion also includes renewable energy projects such as a 500 megawatt solar energy project in cooperation with Malta to export clean energy to Europe.
These projects come as part of an ambitious plan to reduce dependence on fossil fuels and achieve a sustainable energy transition.
The organizers of the summit believe that it will focus on exploring practical solutions to overcome these obstacles with the aim of increasing private investments and developing partnerships between Libyan and international companies. It represents an opportunity to enhance Libya’s regional and international role in the energy sector by exploiting its natural resources and developing renewable energies, so that Libya becomes a major energy center in the region if it is able to overcome the political and economic challenges it faces.
This summit comes in light of the challenges that Libya still faces despite its enormous potential in the fields of oil, gas, and renewable energy, amid hopes that this summit will be an exceptional opportunity to drive economic growth, according to the Libyan News Agency “WAL”.
Italy has been the largest importer of Libyan oil for years, importing about 14.5 million tons of Libyan oil in the first quarter of this year, according to a report by the Italian Nova Agency.
It is noteworthy that the first edition of the “Libya Energy and Economy Summit” was held in the capital, Tripoli, in 2021. It was the first initiative of its kind in many years, aiming to consolidate economic relations between Libya and international investors and restore confidence in the Libyan economy, which was damaged by political unrest.
This summit resulted in the signing of many important agreements in the fields of energy, gas and oil.