Mohamed Oun, Libya’s Minister of Oil and Gas, announced that they have planned with French multinational company Total Energies on Monday to construct a solar plant.
Mohamed Oun said that it aimed at discussing energy security issues. It was seen as a way of solving old crises and providing new solutions to develop the sector. This declaration was made at the launch of the Libya Energy and Economy Summit in Tripoli
He said “We are encouraging the investment of oil wealth, its good use and development, and the increase in production capacity to compensate for lost production due to the natural decline. It will be possible through procedures which are developed and the increasing of oil production too. Around to 2.1 million barrels per day production can yield the results.” He said The 2021 Summit, endorsed by the Government of National Unity and backed by the National Oil Corporation and Libya’s Ministry of Oil and Gas, is the country’s first international energy event in nearly a decade and seeks to advance foreign capital, technology, and expertise in the energy sector.
On Saturday, the clients representing French multinational Total Energies which specializes in the field of solar panels and alternative energy met with the General Authority for Investment Promotion and Privatization Affairs in Tripoli. They discussed the possibility of cooperation between them. According to the Oil and Gas Minister, Libya had its own challenges in the past years but now the country is safe, secure, and fertile for business. They even invited foreign investors to come to Libya for business.
He said “Libya has become safe and secure and it is now okay for the companies to return that were working, especially service companies, in the oil sector or in the field of infrastructure or in other various projects. Also, we have seen since the beginning of the work of the National Unity government that many companies have returned and now, they are constructing roads and electricity stations especially the Second Ring Road and many other roads throughout the Libyan state.” Oun also announced that Libya will be further developing and increasing its oil production.