House of Representatives warns Dabaiba government against signing foreign investment agreement related to the Hamada al Hamra oil field

Alwasat - Cairo Mon 25 Dec 2023, 11:36 AM
alwasat radio

The House of Representatives confirmed its rejection of the "intention" by the Government of National Unity headed by Abdulhamid Dabaiba "to sign an investment agreement for the Hamada al-Hamra field at the beginning of next year."

A statement released on Sunday said that the agreement includes the Dabaiba government ceding approximately 40% of the field's production to a consortium that includes Italy's Eni, UAE's ADNOC and the Turkish Energy Company.

The House warned "the concerned countries against getting involved in exploiting the conditions that Libya is going through in order to plunder its wealth or inflict serious damage to the country and its economy."

The statement explained that the plot of land "belongs to the Gulf National Company and has been explored for a long time and is certain to contain very large reserves of gas, oil and condensate. Offering it for investment and foreign partnership is a great loss for the Libyan state, especially since the provision of the necessary financing is possible locally".

It also noted that oil experts have called for the a halt to the deal, adding that they considered it "suspicious and of a political nature".

The statement concluded with a call for an urgent letter to be sent to the governments of the countries involved in this deal and the UN mission to alert of the seriousness of this step, while "calling on the regulatory and legal authorities in the state to address what is being plotted to loot the country's wealth."

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