The Chairman of Tripoli-based Libyan Investment Authority has hailed the recent agreement to unify the country's two rival oil administrations.

Abdul-Magid Breish said the reunification is a positive step towards returning Libya’s crude oil production to its maximum level.

He added that his authority is also taking steps to reconcile with the parallel authority in eastern Libya.

“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." He said.

The agreement to unify Libya's two oil corporations has been already annulled by the parallel side based in Tobruk.