Tripoli: The Chairman of the Board of Directors of the Libyan Iron and Steel Company, Mohamed Abdelmalik Al-Faqih, has announced the signing of an agreement with an American company for the establishment of a 25-megawatt solar power plant. This initiative underscores the government's role in supporting renewable energy projects.
According to Libyan News Agency, the announcement was made during an extensive meeting held in Tripoli, featuring a delegation from the Libyan Iron and Steel Company, led by Al-Faqih, and the National Oil Corporation, headed by its Chairman of the Board, Masoud Suleiman Musa. The meeting focused on exploring joint cooperation in gas and energy sectors and discussed strategies to support the localization of industries related to the oil and gas sector.
The Chairman of the National Oil Corporation expressed appreciation for the company's delegation, praising its role in supporting development projects and its stable management. He presented plans for developing natural gas resources, emphasizing Libya's abundant gas reserves and the necessity of activating development programs in the upcoming phase. Additionally, he highlighted the importance of localizing industries to fulfill the oil sector's equipment and spare parts needs domestically.
Al-Faqih emphasized the requirement for governmental backing of complementary industries based on the company's products, viewing them as crucial for localizing industry. He also elaborated on the Military Industrialization Authority's role in supporting civilian industries, highlighting potential contributions from assets at the Al-Sabi'ah and Al-Rabita Industrial Complexes in meeting the oil sector's needs.
The meeting also tackled the challenges imposed by the current energy deficit on production levels and future objectives. It reviewed future projects, notably the fourth direct reduction unit project, and its economic impact.
Plans to establish a pipe manufacturing plant were also discussed, with an agreement to form a joint committee between the company and the National Oil Corporation to meet the oil and gas sector's pipe requirements. The company's natural gas supply needs, currently between 80 and 85 million cubic feet per day, are expected to rise to about 205 million cubic feet per day to support development projects.
Both parties stressed the importance of advanced coordination for gas pipeline maintenance to minimize supply disruptions. The Chairman of the National Oil Corporation reiterated the significance of activating alternative energy sources to address the country's electricity needs.