AbdulMagid Breish welcomes Libya’s NOC reunion

AbdulMagid Breish, Chairman of the Libyan Investment Authority (LIA) in Tripoli, said:

[st_quote author=””]I welcome the announcement confirming the unification of the National Oil Corporation. This is another example of the progress that Libya is making, and is a positive step towards returning Libya’s crude oil production to its maximum level.[/st_quote]

[st_quote author=””]We at the LIA in Tripoli are also taking steps to reconcile our differences with the parallel group based in Tobruk, and to resolve the dispute around who is the rightful leader of the LIA. Discussions are ongoing with representatives of the GNA, and I understand that the Tobruk-based group is considering its position.[/st_quote]

[st_quote author=””]The LIA in Tripoli remains committed to playing a part in our country’s revival by establishing Libya as a fertile ground for investment, and ensuring a bright and prosperous future for Libya and its people.[/st_quote]

The agreement by the rival NOC leaders to unify their ranks is expected to boost Libya’s vital oil industry, ravaged by years of conflict.

Oil is Libya’s main natural resource with reserves estimated at 48 billion barrels, the largest in Africa.