A high-level meeting was held at the Central Bank of Libya (CBL) on Wednesday, January 31, 2024, bringing together key figures from the country’s economic landscape. The meeting was attended by Farhat Ben Qadara, the Chairman of the National Oil Corporation, Al-Sadiq Al-Kabir, the Governor of the Central Bank of Libya, and Khaled Shakshak, the head of the Audit Bureau. The purpose of the extensive gathering was to discuss strategies for supporting the Libyan economy and elevating production rates.
In attendance were also the Deputy Governor of the Central Bank of Libya, the Director-General of the Libyan Foreign Bank, as well as several advisors and experts.
The meeting delved into a comprehensive presentation outlining projects aimed at increasing oil production from 1.2 million barrels per day to 2 million barrels per day over the next five years. Discussions also focused on the financial allocations required for their implementation, estimated at $50 billion, according to previous statements in 2019 released by the National Oil Corporation to enhance and develop the sector.
Furthermore, the participants addressed the mechanism for fuel payment, existing challenges, and emphasized ensuring its availability to citizens at fair prices, especially amid the global rise in oil prices exceeding $80 per barrel.
In conclusion, the attendees affirmed their support for the efforts of the National Oil Corporation, encouraging the increase in production rates, and establishing a clear mechanism for financing the development projects presented by the corporation. They also discussed solutions to address the fuel supply mechanism, emphasizing the enhancement of disclosure and transparency rates. The meeting highlighted the ongoing audit and review processes conducted by the Audit Bureau and relevant oversight authorities. Additionally, the water crisis in the city of Zliten was discussed, with an emphasis on supporting government efforts and the contribution of the National Oil Corporation in addressing this crisis.
