2024-04-28 14:02:39
Economic analyst Sami Radwan confirmed that the oil industry has always been a fundamental pillar of the national economy in Libya. Rather, it is the backbone and the source of financing for various other sectors.
In an article published on the “Libya Eye” network, Radwan noted that there is no escape from acknowledging that Libya’s delay in emancipating itself from total dependence on oil; It had a significant impact on the fragility of its economic structure, in addition to many other factors, of course, which, despite their significant impact, do not contradict the validity of the trend calling for economic diversification, which aims to reduce risks and ensure solidity and flexibility in the face of fluctuations and unrest that the Libyan nation has suffered from. From many of them in the past years, and he is still fighting very fierce and intense battles with them.
He added that just as Libya is in dire need of accelerating the pace of its liberation from complete dependence on the black gold floating in the interior of its lands, so the Libyan oil industry itself is in need of getting rid of dependence, through serious movement towards comprehensive management of the file of that industry. It guarantees complete control from the roots, and takes care of the localization of the various stages.
According to the article, it can be said that the term resettlement is not new to Libyan ears, but rather it is a proposal that has been put forward several times on the discussion tables in the circles of opinion and decision-makers. This is the same with several Arab countries that are similar to Libya in possessing a high reserve of crude oil reserves, and providing… Huge contributions to various energy sectors in general; Such as the State of Qatar, as well as the Kingdom of Saudi Arabia, which have taken several serious steps towards establishing comprehensive nationalization rules, and the Kuwaiti model is also considered a pioneering model that has been able to achieve convincing results in the project to “Kuwaitize” the oil industry in Kuwaiti territories.
After addressing aspects of the localization of the basic pillars of the oil industries and reviewing the outputs of that industry, the author of the article highlighted the pivotal step taken by the Libya Africa Investment Portfolio to cover the shortcomings in the localization of marginalized oil derivatives inside; Last January, the portfolio completed the establishment of a Libyan-Turkish company to produce petrochemical industries inside Libya, according to an agreement concluded with the Union of Turkish Companies Investing in Africa.
According to the article, the project to build a factory to produce bitumen is a quick practical translation of the seriousness of that agreement. The construction work of the factory has begun immediately, which aims to provide support to the Libyan infrastructure, by producing huge quantities estimated at the equivalent of 500 tons per day of bitumen, which is known to be the ideal choice for paving roads, in addition to its other industrial uses. According to What was stated by the Board of Directors officials: The portfolio’s support for Emiratisation endeavors comes within its strategy to direct its investment direction in a balanced manner inward, while organizing what it owns abroad, to provide direct support to the national economic structure, based on an in-depth study of the current conditions.
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2024-04-28 14:02:39