Dabaiba: Agreement with Eni 1000% in the interest of Libya

Alwasat - Cairo Sat 28 Jan 2023, 08:41 PM
alwasat radio

The head of Libya's interim Government of National Unity, Abdulhamid Dabaiba, said that the gas agreement signed between the National Oil Corporation and Italian energy giant Eni, “is 1000% in the interest of Libya.”

This comes as the government appointed by the House of Representatives headed by Fathi Bashagha has objected to the deal.

Dabaiba added, in statements to Al-Hurra channel on Saturday, “It is an agreement signed since 2008, and we completed its procedures, and modified its terms in favor of Libya, as we reduced the recovery rate (the Italian side’s benefit) from 40% to 38%,” noting that the agreement stipulates an investment of eight billion dollars.

The agreement concerns two offshore gas fields on the western coast of Libya with a capacity to produce between 750 and 800 million cubic meters of gas per day, starting from 2026.

Eni which handles 80% of Libyan gas production, said the agreement will allow most of the Libyan needs to be met, and that a third of the energy from the two fields will be exported to Italy.

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