A Message from NOC Chairman, Eng. Masoud Suleman, to the OPEC Conference held in Vienna
We at the National Oil Corporation takes pride of our level of participation and representation in the annual OPEC Conference, which discusses the future of energy systems on this planet. We bear great responsibilities for it, on top is climate security and the challenges facing its achievement.
On this occasion, and in accordance with my responsibilities as Chairman of the Board of Directors of the NOC, I am pleased to repeat Libya’s commitment to all the plans and directives issued by this respected organization. Libya is proud to be one of the founding members of OPEC.
This commitment is despite the circumstances our country has experienced and continues to experience over the past years. This included the disruptions to the oil sector that have negatively impacted production and exports, as well as the infrastructure of oil fields and wells. This is not to mention the price fluctuations in the global oil market, which have also directly impacted the Libyan state budget on the one hand and the budget of the NOC on the other.
Libya is a rentier state that relies directly on oil revenues to manage its affairs, and these fluctuations have consequently caused profound damage to the Libyan state budget.
We participate in this conference with the elite of the NOC’s leaders and experts, carrying in their hands the aspirations of our people to develop the oil sector in Libya, which is the most important source of its wealth.
As the NOC, we have successfully translated these aspirations into ambitious plans and effective strategies, thanks to our tireless collaboration with specialized and experienced partners from the world’s leading oil companies.
On this occasion, I seize this opportunity to also affirm once gain our serious desire to strengthen the ties of friendship and partnership with all those who wish to venture into the oil and gas sector in Libya. To achieve this, we have undertaken an extensive tour of Europe, America, and Asia, during which we presented a package of investment projects.
Libya’s strategic location and close proximity to global markets make it an attractive destination for investors. The exploration and drilling areas offered by the NOC hold great promise for success, thanks to the abundant resources they contain.
We at the NOC welcome investors in all areas of the energy and petroleum industries. Petrochemical complexes that produce fertilizers, methanol, or ethylene represent additional investment opportunities. We also encourage partnerships in oil refining to meet local market needs first and then export any surplus to the global market.
In closing, I want to wish our team participating in this conference great success in presenting our vision for developing the oil and gas sector in Libya. I believe they will highlight significant opportunities for international partnerships to help achieve this goal.
Thank you