LONDON Ñ 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
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
by the end of 2004.