Libya’s Minister of Oil and Gas Khalifa Abdulsadek, announced plans to increase the country’s oil refining capacity as part of its long-term strategy to enhance energy security and sustainability.
Speaking at the Libya Energy and Economic Summit, Khalifa Abdulsadek said the country is targeting 400,000 barrels per day (bpd), from the current 300,000.
“We are also looking at producing petroleum products to sustain our demand once we hit the 2,000,000 bpd mark,” said the minister.
Abdulsadek said Libya’s goal was to achieve complete self-sufficiency in refining petroleum products through local refineries.
The minister also shed light on the country’s strategy on natural gas production and exports to balance domestic demand and export opportunities.
“To maximize exports, you need to keep an eye on the local demand first, as it is increasing for power generation.
Europe is in need of gas right now, and this is why the Greenstream pipeline to Italy is key.”
Abdulsadek said the country is focused on pipeline natural gas but might consider liquefied natural gas at some point.
He noted that the biggest challenge in developing the country’s energy sector was financing due to the ‘divided administration’.
