Bloomberg: Political rivalries hinder efforts of reconstruction in Libya

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Bloomberg: Political rivalries hinder efforts of reconstruction in Libya

October 02, 2022 - 12:16
Written by: AbdulkaderAssad

Bloomberg said oil reserves in Libya give the state abundant resources to pay the cost of reconstruction, but only after political rivalries are put to rest.

Bloomberg added that Libya's current oil production constitutes a small part of the state's real capabilities, pointing out that the political conflict is hampering efforts to reform the energy infrastructure, although international companies including Italy's Eni, France's Total and the multinational Royal Dutch Shell have expressed willingness to invest billions of dollars to make use of the oil and natural gas reserves in Libya, in addition to the possibility of generating solar energy.

Bloomberg also said that Libya is still suffering from periodic problems and bloodshed as UN-backed efforts for reconciliation keep failing, in addition to the fact that the Russia-Ukraine war has made Libya's crisis at the bottom of world powers' agendas.