Energy deal with Turkey will benefit both nations, PM says

Energy deal with Turkey will benefit both nations, PM says

October 06, 2022 - 17:25
Posted in:
Written By: SafaAlharathy

The MoU Libya signed with Turkey aims to enhance bilateral relations between Tripoli and Ankara, Prime Minister Abdul Hamid Dbeibah said, emphasizing the mutual interests to develop the exploration of land and marine resources of both countries.

In an address to the nation broadcasted by the Hakomitna platform, the PM went through the articles of the Libyan-Turkish MoU one by one.

"The first article aims to strengthen bilateral cooperation between the two parties in the scientific, technical, legal, and commercial area," Dbeibah said, explaining that the agreement allows the exchange of information and experiences by the national laws and regulations of both countries.

The second article identifies the areas of cooperation such as projects and resources related to hydrocarbon resources, production and trade of oil, gas, petrochemicals, and refined petroleum products.

He said that Libya guarantees that the National Oil Corporation will invite the Turkey TPI company and its affiliates for discussion in areas of exploration and production.

"The NOC will conclude the necessary agreements with Turkish companies to achieve petroleum operations, including exploration, inventory, and production in the onshore and offshore fields in which the two sides opt to work."

He also stressed that it is important for both sides to promote service companies in the energy field, support seismic research vessels to explore carbohydrates, and develop oil and gas pipeline systems as a framework for a joint project to encourage cooperation between the Libyan and Turkish institutions.

The third article, which relates to investment, provides for strengthening public and private partnerships, establishing joint projects, and maintaining the confidentiality of the cooperation outcomes.

"The memorandum of understanding, which has a period of three years, may be amended at any time with the jointly written consent of the two parties, and its termination requires three months' notice," the PM noted.

On Monday, Libya signed with Turkey a series of economic and maritime agreements, including a potential energy exploration in maritime areas.

The deal received some dissenting views mainly from local parties that have political leanings toward the Egyptian and the UAE agenda.