Germany offers to help restart stalled factories in Libya

Alwasat - Cairo Mon 13 Nov 2023, 06:54 PM
alwasat radio

Chargé d'Affaires of the German Embassy in Libya, Sven Krauspe, offered his country's participation in reactivating shut down factories in Libya, expressing Berlin's interest in oil and gas projects to develop Libya's ability to supply Europe with energy.

This came during a meeting with the Minister of Oil and Gas Mohamed Oun, who spoke about the history of German investment in Libya, pointing out that "Wintershall was one of the first companies to sign concession contracts at the end of 1950's and succeeded in producing oil in the 1970's after the development of major discoveries in the Sirte basin", according to a statement by the ministry on Sunday.

Oun pointed out that Libya is fifth in the world in shale oil and gas reserves, according to a study by the US Energy Information Administration in 2015 and that investments will double Libyan production as political and security stability in the country improve.

He also added out that there is cooperation between his ministry and the Ministry of Industry and Minerals to localize the manufacturing of petroleum materials and equipment with the participation of local investors and international companies, inviting German companies to attend economic meetings being actively held in this field.

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