As a member of the Organisation of the Petroleum Exporting Countries and 48.4bn barrels of proven crude oil reserves – the most in Africa – and 1.5trn cu metres of proven natural gas reserves, Libya is a significant player in the regional and global hydrocarbons sector. The state-run National Oil Corporation (NOC) is responsible for exploration and production. By increasing the involvement of IOCs such as TotalEnergies, Eni, ConocoPhillips, OMW, and Repsol, the NOC is seeking to boost production from current assets and finance repairs and upgrades to mid- and downstream infrastructure. The latter is set to expand in Misrata through a potential new hydrocarbons law and a series of regulatory reviews to enhance the industry’s management and structure.
Libya’s urban population has been rising rapidly and with the population predicted to increase in the coming years, access to housing, food, clean drinking water and employment opportunities – as well as health care, education and transport – remain essential priorities. Companies from Egypt, Germany, Italy, Tunisia and Turkey are the most likely participants in the reconstruction projects that are set to create job opportunities in a country that will need $134bn over the next 10 years to facilitate its reconstruction. Private investment is expected to drive these developments and account for 60% of project financing, with the remainder coming from the public sector. Driven by these trends, Misrata’s construction sector is poised for significant growth as Libya’s commercial and industrial centre.
The infrastructure pillar of Ihya Libya Vision 2030 outlines key objectives that include evaluating existing infrastructure developments to ensure that they align with national priorities. To achieve this, the initiative will establish a national infrastructure fund and strategy, and develop a public-private partnership framework to secure financing that will be allocated based on a merit-based system. In the coming years construction and infrastructure will continue to play a crucial role in Misrata’s economic recovery. Ultimately, planned developments will facilitate the growth of local businesses and make the city more attractive to foreign investors, generating more opportunities for economic growth.
