Through its Strategic Partnership for Oil and Gas Forum, which it organized under the slogan “Towards Sustainable Development and Increasing Production,” the National Oil Corporation succeeded in laying the first building block for a strong and promising partnership between the Corporation and private sector companies in the field of oil and gas, and forming a working group with three members representing private sector companies in the regions. Western, Eastern and Southern, he undertakes the tasks of communicating with the corporation to follow up on the results and recommendations of the forum and the mechanisms for their implementation. They were chosen by consensus between more than 150 representatives and delegates of the companies concerned. Participation in the forum.
The forum’s recommendations stressed “the importance of building a strong and sustainable private sector to support the Libyan economy, adopting policies that support partnership and pave the way for increasing production and achieving sustainable development, and working to establish an energy banking bank to support companies operating in the field of oil and gas and facilitate financial transactions, while settling the companies’ accumulated debts.” Special throughout the previous years.
The recommendations focused on “the need to expedite the activation of the communication team that was chosen during its closing session to follow up on the implementation of the recommendations and to establish a permanent mechanism for communication between the National Oil Corporation and the private sector to ensure continuous coordination, while maintaining the organization of such a forum periodically to evaluate progress and discuss emerging challenges.”
For his part, the Chairman of the Foundation’s Board of Directors, Dr. Farhat Bin Qaddara, issued his directives to the Office of Strategic Programs to add a new performance measurement indicator (KPI) within the current performance indicators of the Corporation’s affiliated companies, which measures the proportion of the amounts contracted by these companies with private sector companies annually out of the total budget value. assigned to each company.
The forum devoted its first session to “exchanging views on the current policies in place and analyzing the current situation in the face of the most prominent challenges, while the second session witnessed an expanded dialog on the current challenges of the private sector partnership with the National Oil Corporation and a review of the most important factors affecting this partnership in increasing production and developing the sector.” .
In its third session, the forum also discussed “cooperation mechanisms between the institution and the private sector and finding the most important alternatives to influencing factors,” followed by an interactive workshop to develop a joint vision for this partnership, which produced many constructive ideas, initiatives and proposals to improve cooperation mechanisms, which will be taken into consideration in formulating the final form of terms, conditions and restrictions. This is a promising partnership.”
The National Oil Corporation succeeds in laying the first building blocks of partnership with the private sector. The National Oil Corporation succeeded, through its Strategic Partnership Forum…
Posted byNational Oil CorporationIn Sunday, November 24, 2024
Last updated: November 24, 2024 – 12:04
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What are the key goals of the Strategic Partnership for Oil and Gas Forum organized by Dr. Farhat Bin Qaddara?
Interview between Time.news Editor and Dr. Farhat Bin Qaddara, Chairman of the National Oil Corporation
Editor: Welcome, Dr. Bin Qaddara. It’s a pleasure to have you here today. The recent Strategic Partnership for Oil and Gas Forum you organized seems like a pivotal event for the Libyan oil and gas sector. Can you start by sharing the main objectives of this forum?
Dr. Bin Qaddara: Thank you for having me. The forum was indeed a crucial step forward for us. Our primary objective was to establish a strong partnership between the National Oil Corporation and private sector companies. We aimed to discuss sustainable development and increase production, which are vital for strengthening the Libyan economy.
Editor: That sounds promising! I understand that over 150 representatives from various companies participated. What was the significance of this broad participation?
Dr. Bin Qaddara: The diverse participation allowed us to gather a wealth of insights and perspectives. It ensured that voices from all regions – Western, Eastern, and Southern Libya – were heard, facilitating the formation of a working group to follow up on the forum’s outcomes. This consensus-driven approach not only enhances collaboration but also builds trust among stakeholders.
Editor: Collaboration is indeed key. One of the forum’s prominent recommendations was the establishment of an energy banking bank. Can you elaborate on its role in supporting the oil and gas sector?
Dr. Bin Qaddara: Certainly. The proposed energy banking bank would serve as a critical financial facilitator for companies operating within our sector. It aims to streamline financial transactions and assist in settling accumulated debts that companies have faced in previous years. By doing this, we hope to create a more stable financial environment that stimulates investment and growth.
Editor: It’s interesting to see such forward-thinking strategies. The forum emphasized the need for continuous communication between the National Oil Corporation and the private sector. How do you envision establishing this ongoing dialog?
Dr. Bin Qaddara: We recognize that effective communication is the bedrock of successful partnerships. Therefore, we plan to activate the communication team that was selected during the forum. This team will implement a permanent mechanism for reporting and coordination to ensure that recommendations are not just discussed, but actively pursued. Regular forums will also be held to monitor progress and adapt to emerging challenges.
Editor: That sounds like a proactive framework. The introduction of new performance indicators (KPIs) is a significant development as well. How will these KPIs be used to measure the success of private sector partnerships?
Dr. Bin Qaddara: The new KPIs will specifically track the proportion of contracts awarded to private sector companies compared to each corporation’s total budget. This will enable us to assess the impact and involvement of the private sector in our projects and ensure that we are moving toward a more inclusive economic model.
Editor: It seems like you’re laying a robust foundation for future growth. In your view, what are the most prominent challenges that lie ahead for the oil and gas partnership in Libya?
Dr. Bin Qaddara: The challenges are multifaceted, including geopolitical factors, fluctuating global oil prices, and the historical context of our operations. However, the forum allowed us to openly discuss these challenges and explore cooperative mechanisms to mitigate them. The key will be to adapt our strategies and stay resilient in the face of these dynamics.
Editor: Thank you, Dr. Bin Qaddara, for sharing these insights. It appears that the National Oil Corporation is taking significant strides towards a more integrated and sustainable future for Libya’s oil and gas sector. We look forward to seeing how these initiatives unfold.
Dr. Bin Qaddara: Thank you for the opportunity to discuss these important developments. We are optimistic about what lies ahead and committed to achieving our goals through collaboration and innovation.