The head of the National Oil Corporation, Farhat bin Qadara, pledged to review the Libyan financial system to attract more foreign investments.
Bin Qadara said in an interview with the British newspaper “Financial Times” that the planned changes in the financial system for investments in oil and gas will make Libya more attractive to international investors.
Bin Qadara indicated that he enjoys the support of both the national unity government headed by Abdul Hamid al-Dabaiba and Khalifa Haftar, considering that this allowed production to be restored to 1.2 million barrels per day.
Bin Qadara emphasized this type of support, saying that he works with all parties, and that support is very important for the corporation to continue production and improve it, indicating that the main goal is to raise production to two million barrels per day over a period of 3 to 5 years.
Bin Qadara revealed that the Corporation is working to establish a separate department to focus on gas production, with the aim of exporting more to European countries that seek to replace supplies from Russia, given that Libya provides Europe with about 8 billion cubic meters of gas annually, about 2% of the continent’s demand.
