Libya’s New “Smart Energy City”
In January, Libya will begin the construction of a $5 billion “Smart Energy City” designed to create a business infrastructure for energy firms operating in the area. The new city is a joint project between “Libya’s State Fund for Economic and Social Development and Bahraini Islamic investment Bank Gulf Finance House.”
According to the Finance House’s Chairman Esam Janahi, the project will take “between three and five years,” and is planned to be built 70 kilometers west of Libya’s capital, Tripoli. The energy city will serve “oil and gas producers, refiners, and companies involved in shipping, energy trading and support services,” as well as create thousands of jobs.
This major project has been brought on by Libya’s plans to vastly increase oil production as well as to become a major gas producer. According to Reuters, Libya wants to double it’s crude oil production by 2012 as well as increase production of natural gas by 40 percent by 2015.
David Crowley
November 13th, 2008 at 3:27 pm
Libya is heavily investing in its infrastructure which has been greatly effected by years of neglect and sanctions.