- Title: LIBYA: Oil and gas exhibition seeks to attract foreign investment
- Date: 18th February 2009
- Summary: TRIPOLI, LIBYA (FEBRUARY 16, 2009) (REUTERS) VISITORS WALKING INSIDE TRIPOLI INTERNATIONAL FAIR WHERE "OIL AND GAS 2009" AND "INFRASTRUCTURE 2009" EXHIBITIONS BEING HELD MAP SHOWING LAYOUT OF OIL AND GAS AND INFRASTRUCTURE PAVILIONS LIBYAN MINISTER OF ECONOMY, TRADE AND INVESTMENT ALI ABDULLAH AL-ESSAWI WALKING WITH OFFICIALS IN EXHIBITION VARIOUS OF STANDS EQUIPMENT ON D
- Embargoed: 5th March 2009 12:00
- Keywords:
- Topics: International Relations,Energy
- Reuters ID: LVAAAZHNS77FVA48ZGHCRXFV79CB
- Story Text: A large international oil and gas exhibition in the Libyan capital aims to attract foreign investment for the country's ambitious plans for developing its natural resources.
The event, which includes a second exhibition focused on infrastructure, began on Monday (February 16) and is scheduled to run for four days.
Libya has seen significant economic development at home in recent years after ending disputes with the West and coming out of international isolation.
Salah El-Houni, the general manager of the Arab Media Group and organiser of the exhibition, says the feedback on the exhibition was very positive.
"Why this international exhibition? It is to build the Libya of tomorrow with modern projects in the fields of investment and construction. We also want to improve our oil and gas capabilities. We organised the exhibition on this basis and we received a big response from more than 200 international companies from around 20 countries, that are present at the exhibition,"
he said.
Libya is keen to modernise with revenues from the wealth of its natural resources.
Crude oil prices have plummeted to around 40 dollars in recent months after a peak of 147 dollars a barrel in July 2008. The collapse in price was partly due to major consumer countries reducing demand as the global financial crisis shattered economies worldwide.
Maurice Salsa, product line director of Tejas, says the price drop may have a negative effect on development.
"At this moment we have not seen a tremendous effect on the price drop of oil, price of oil, because the production end of business, the companies worldwide, still have to maintain part of it. However, we do realise that in the exploration end of it and the drilling end of it, there is a considerable turn down in that part of the operations worldwide," he said.
U.S.-Libyan ties have improved dramatically since Libya abandoned the pursuit of weapons of mass destruction in 2003.
Last year it paid into a fund to settle claims by families of Americans killed in the 1988 bombing of a Pan Am flight over Lockerbie, Scotland, and the first U.S. ambassador to Libya in 36 years took up his post last December.
U.S. firm Kallman had set up a large stand at the exhibition and their Energy Programme Manager Joan Williams said business ties are improving.
"We have about eight companies that are here representing the United States and we have a USA pavilion here for the first time, and the group is getting bigger every year so we're looking forward to it. So far, this morning has been very good business," she said.
The Libyan oil and gas industry forms the backbone of an economic revival. Tripoli is currently implementing ambitious plans of raising its oil production levels from the 2006 level of 1.6 million barrels per day to 3 million bpd by 2015, a project that needs to attract 30 billion dollars of foreign investment. - Copyright Holder: REUTERS
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