NOC discusses investment in Elmreisa and Kufra Free zones

By Sami Zaptia.

(Logo: NOC).

London, 29 June 2021:

The National Oil Corporation (NOC) discussed mechanisms for investment and support for the Elmreisa (Benghazi) Free Zone (EFZ) and Kufra Free Zone.

The discussions came during a meeting yesterday between NOC chairman Mustafa Sanalla and Gwaider Ibrahim Gwaider head of Benghazi’s Elmreisa Free Zone and Abdelrahman Agoub mayor of Kufra Municipality.

Gwaider reviewed the latest developments, stages and future plans for the EFZ project, and the extent of the economic feasibility of linking it with the Kufra Free Zone project. He also discussed the extent of the contribution of other state institutions to this huge project, which, he said, will be one of the most important sources of income in Libya if it is implemented. He said it will achieve great spatial and human development for the region as one of the main promising trade lines linking Europe and the Americas to the African continent.

For his part, Abdelrahman Agoub, Mayor of Kufra Municipality, explained that the contribution of the NOC in this project will have a significant impact on its success, given that the construction of infrastructure works for oil facilities and the provision of oil derivatives is an important factor contributing to the establishment of free zones.

NOC chairman Sanalla stressed that the Corporation always works to encourage local investment for the advancement of the country. In this regard, it will study investment in the Kufra Free Zone by establishing a depot for storage tanks in cooperation and coordination with the Brega Oil Marketing Company and will work to follow up on these projects. He explained that such large projects require laying a fertile ground to attract investors and provide appropriate funds without relying on state budgets.

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