Libya prepares for new gas agreements after Italy

Farhat Bengdara, the leader of the Libyan National Oil Company, said that after the 8 billion dollar investment agreement reached with the Italian power company Eni, more agreements could be made with foreign companies for the resolution of the power crisis.

Libya’s national power company said it expects to sign more memoranda with foreign companies after an $8 billion investment to extract natural gas with Italian power company Eni.

Farhat Bengdara, leader of the Libyan National Oil Company, told Bloomberg that they are negotiating investments in power infrastructure, such as oil pipe borders, with other companies.

It was also stated that Eni and the Libyan National Oil Company are preparing to sign an agreement on Saturday for the development of two gas fields on Libya’s west coast in Tripoli. It was stated that Italian Prime Minister Giorgia Meloni could also attend the signing ceremony of the treaty.

Meloni had visited Algeria earlier this week to analyze the power crisis after Italy’s war on Ukraine and to increase oil supplies from North Africa. Eni later announced that Algeria would supply 28 billion cubic meters of natural gas to Italy with the prestige of 2024.

Analysts think that due to its high oil and gas reserves, Libya could become a valuable power supplier for Europe.