Libya to diversify sources of national revenue

BY Libyan Express Jan 28, 2018 - 12:41

An engineer from the company that operates the pipeline, Waha Oil Co, told Reuters that the damaged parts had been replaced and flows would start returning to previous levels.

The Libyan authorities said on Saturday that it is seeking to diversify sources of national income now based entirely on oil.

Libya “seeks to benefit from financial revenues of exports, in order to reduce the total independence on oil as the main source of income for the country, especially with the law and unstable oil prices in the world,” Saeed Saleh, director of the Export Development Center of the Ministry of Economy, told Xinhua.

Over the past four years, Libya has suffered losses of more than 140 billion U.S. dollars caused by closures of oil fields and ports because of armed conflicts, and low oil prices in global markets.

“We have many economic assets that allow us to give up oil as the single source of income. The vast area of agricultural land, marine resources and moderate climate that helps establish major tourist activities, could help achieve a large export surplus,” Saleh said.

Established in 2006, the Export Development Center aims at increasing the volume of Libyan exports and reducing the costs of exports, Xinhua reported.

The center is also meant to cooperate with local and international institutions and organizations in development, promotion and guarantee of exports, in order to increase and diversify Libyan exports, Xinhua added.

Oil and gas exports, Libya’s main sources of income, account for 94 percent of the country’s foreign exchange earnings. Libya boasts oil reserves of 41 billion barrels, perhaps the largest in Africa.

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