Development Fund for oil producing regions established by government to be funded by levy on each barrel of oil produced

By Sami Zaptia.

London, 1 October 2021:

The Libyan government is to establish a fund to support and develop the regions that pump most of Libya’s oil production by deducting a percentage of each oil barrel sold.

The announcement was made yesterday by Prime Minister Abd Alhamid Aldabaiba during a meeting with a delegation that included representatives of tribes, notables, and mayors of the municipalities of the Oil Crescent and Al-Wahat regions. He said the move was on the basis of better distribution of oil wealth.

Aldabaiba also welcomed the patriotic position taken by members of the House of Representatives of the regions in support of the government.

The Prime Minister told the meeting that we must be freed from the restrictions that have tied us up for 50 years and look to the future and benefit from our natural resources by maximizing and investing them in addition to employing them in the right place.

He said the government will work to restore life to all areas through the ‘‘Return to Life Programme and ceding powers to the municipalities is the first step in this path.

At the meeting, the projects included in the “Return to Life” programme, which are specific to the region, were also presented. The problems and obstacles facing the municipalities and residents of these areas were also heard.