Libya needs $30 billion in energy investment

Thursday, April 8, 2004

LONDON Libya has determined that it requires $30 billion by 2015 to expand its energy industry.

Libyan Energy Minister Fathi Bin Shatwan said Libya requires the investment to modernize its oil industry and increase production. Bin Shatwan said Libya intends to increase its current capacity of 1.6 million barrels a day to three million barrels over the next decade.

By 2008, the minister told reporters on the sidelines of the recent OPEC session in Vienna, Libya hopes to produce two million barrels per day.

Tripoli's current quota from OPEC was set at 1.3 million barrels per day.

Libyan officials expect the Libyan project to be launched after the United States lifts sanctions from Tripoli. They said such a move would take place by the end of 2004.

Copyright 2004 East West Services, Inc.

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