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German companies eye investment in Libyan oil sector: NOC

Libya’s National Oil Corporation (NOC) said German companies expressed their desire to return to Libya and invest in the oil and gas sector.

That came during the participation of the head of NOC, Mostafa Sannallah, in the activities of the Libyan-German Economic Forum in Tunisia, where the participants discussed the recovery of the Libyan economy and investment opportunities in Libya.

NOC said in a statement that the forum touched upon the potential economic opportunities, including investment in development projects and promoting small and medium-sized enterprises through providing specialized technical training.

Libya is rich in oil and gas resources and is therefore an important target for international investors, Sannallah said, adding that providing additional technological expertise would help increase oil and gas production rates and improve the economy.

The forum was attended by representatives of Libya’s Presidency Council, the Central Bank of Libya, the Ministry of Local Administrative, a group of companies affiliated to the NOC, as well as several German financial institutions and companies.

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