Senior officials representing Egypt, France, Germany, Italy, Turkey, the United Kingdom, and the United States met to discuss the situation in Libya. They underlined the need for unified international support for Libya in overcoming the current political impasse. They welcomed the new UN Secretary General’s Special Representative for Libya and Head of the United Nations Support Mission in Libya, Abdoulaye Bathily, and reiterated support for an UN-facilitated, Libyan-led, and owned process that enables Libya to hold credible, transparent, and inclusive presidential and parliamentary elections in the shortest possible time. Read more from the British Embassy in Libya.
The Tripoli-based Government of National Unity officially approved today selling shares of the U.S. Hess Corporation in the Waha oilfield to France’s Total Energies and U.S. Conoco Phillips. Government spokesman Mohammed Hammouda made the announcement at a press conference in Tripoli, telling reporters that Hess Corporation’s 8.16 percent stake in the oil license is expected to be split equally between France’s TotalEnergies (4.08 percent) and ConocoPhillips (4.08 percent). The agreement in question had been reached by the companies a year ago but had attracted some opposition at the national level in view that a new government should decide on the matter after the December 2021 elections, which failed to take place until today. Read more from Libya Update.
The Libyan Ministry of Economy and Commerce enacted Decree 944/2022 on the Participation of Foreigners, Branches and Representative Offices of Foreign Companies in Libya (Decree 944/2022). Decree 944/2022 upholds the principle that any commercial activity in Libya requires the establishment of a presence – either through setting up a joint venture with a Libyan partner, or through registering a branch or representative office. Decree 944/2022 has also updated the prerequisites and capitalization requirements for establishing a presence in Libya. Most importantly Decree 944/2022 raises the permitted foreign participating in Libyan companies to 75% (and, with the permission of the Ministry, to 89%). Read more from Lexology.
In an interview in Cairo, United States Assistant Secretary of State for Near Eastern Affairs Barbara Leaf addressed the situation in Libya and clarified that while there is a diversion over Egypt’s stance on the UAE and Turkey-backed head of the Libyan Government of National Unity, Abdul Hamid Dbaiba, “there is a commonality on strategic objectives.” Leaf added, “We politely disagree [with Egypt’s stance on Dbaiba], but we don’t think that this is ultimately the decisive factor. The end game is getting the 3 million who registered to vote the opportunity to elect a unified government for the first time in a decade….We will find a way to leverage our different views. I told Egyptian officials that we see a responsibility to get as many of us, the foreign countries that have an interest in Libya, aligned so that [special representative for the secretary general in Libya Abdoulaye] Bathily can do his work.” Read more from Mada Masr.
On October 12, 2022, the US-Libya Business Association hosted a private meeting with His Excellency Saddek ElKaber Libya’s Central Bank Governor, and USLBA members. The discussion highlighted the CBL’s efforts to increase transparency and foster economic growth in Libya. Participants also noted future opportunities for US companies to deepen their investment in Libya. USLBA is grateful for H.E. and his delegation’s time during his busy visit to Washington, D.C. for the IMF/World Bank Meetings.
On October 5th, 2022, the US-Libya Business Association (USLBA) Executive Director, Lydia Jabs, met with Libya’s Minister of Oil and Gas, H.E. Mohamed Oun, on the sidelines of the Africa Oil Week conference held in Cape Town, South Africa. During their meeting, they discussed various ways to strengthen US and Libyan ties in the oil and gas sector.
The discussions highlighted the opportunities and challenges that exist in the oil and gas industry of Libya. They acknowledged the importance of the US-Libyan partnership in developing and expanding the sector, which has been one of the driving forces behind Libya’s economy.
The meeting emphasized the potential for US businesses to invest in Libya’s oil and gas sector and the benefits that would bring to both countries. It also discussed the need to establish stronger relationships between US companies and Libyan counterparts to enable partnerships that would improve technology transfer, and capacity building, and create job opportunities.