Libya asks for help to restructure oil facilities

Libya asks for help to restructure oil facilities

ISTANBUL - Hürriyet Daily News
Libya asks for help to restructure oil facilities

A view of Zawiya oil refinery is pictured in Zawiya 57 kilometers west of Tripoli. Restructuring Libya needs international support to rebuild its oil facilities.

Libya’s Economy Minister Ahmed al-Koshli said yesterday that his country wants to benefit from the technology Turkey possesses, speaking in the “Energy, Economy and Sustainable Development” session of the Eurasian Economic Summit.

“The know-how and experience Turkey has is very important for us. We want Turkey to share its experiences with Libya,” he said, adding that his country is working on integrating with the global economy. Al-Koshli also said Libya’s bourse is now open. “Free Libya wants to learn about environmentally friendly technologies, especially solar and wind energy, so that we will have the opportunity to export clean energy to Europe and other countries.”

Meanwhile, Mohammad Reza Farzin, Iran’s deputy minister of economy and finance, said Iran’s government has decided to initiate reforms in the areas of energy prices and economic development.

Unfair distribution

Iran is the 17th largest economy in the world, with its $930 billion GDP, according to data from the International Monetary Fund, Farzin said. The country has the second largest oil and natural gas reserves in the world.

Keeping energy prices artificially low leads to unfair income distribution, energy smuggling and higher energy consumption, Farzin said, adding that if the current rate of increase in energy consumption in Iran continues for the next 20 years, the country will consume all the oil it produces.