The Libya Energy and Economic Summit, held from January 24 to 26, concluded on Tuesday with the attendance of Minister of Oil and Gas Khalifa Abdullsadek and the ministry's working team, as well as a number of representatives from national companies operating in the sector.

The ministry's team and the minister presented a plaque of appreciation to the Prime Minister of the Government of National Unity, Abdulhamid Dabaiba, for his support and partnership in making this edition of the summit a success, according to a statement posted on the ministry's Facebook page.

The statement added that the summit is an important platform for exchanging views and discussing opportunities for developing the energy sector and the economy, as well as strengthening partnerships between national institutions and the private sector, thereby supporting development efforts and stability in Libya's energy sector.

Wide international participation

The summit saw wide international participation, including 19 French companies, 17 American companies, 16 British companies, six Italian companies, and four companies from Turkey.

The summit included the signing of a package of agreements and strategic memoranda of understanding in the energy sector, most notably the signing of a long-term development agreement, spanning 25 years, between Waha Oil Company and Total Energies and ConocoPhillips, with investments exceeding $20 billion in external financing, without placing additional burdens on the general budget, with the aim of increasing Waha Oil Company's production to 850,000 barrels per day, with expected net revenues for the state exceeding $376 billion.