GFH launches ‘energy city’ in Libya
Posted:10 November 2008
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BAHRAIN-based Gulf Finance House (GFH) has launched Energy City Libya, a $5-billion international platform for companies to invest in the Libyan energy sector, the company said in a statement on Sunday.
It added that the project, which aims to be a strategic energy hub between Europe, Africa and the Middle East markets, will be built on a six-square kilometre of land on the shores of the Mediterranean city of Sabratha, 70km west of the capital Tripoli.
GFH, and Islamic investment bank, did not announce the construction date of the project, which is the latest initiative in its series of energy city projects including those in Qatar, India and Kazakhstan.
The Libyan project will have dedicated clusters for oil and gas producers, service industries, infrastructure and downstream industries, shipping and trading. It will also include an environmental, renewable energy and regulatory advisory centre and residential and commercial facilities.
“Libya was undergoing an exciting commercial renaissance and the time was right to capitalise on this progress,” said GFH Chairman Esam Janahi.
He added that Libya boasts the largest proven oil reserves in Africa with about 40 billion barrels of oil aside from considerable gas resources, offering various commercial opportunities for energy companies.
“The efficient harvesting of our national oil and gas resources will deliver far-reaching socio-economic benefits throughout Libya for generations to come,” said a source from Libya’s National Oil Co. “Energy City Libya is the ideal platform upon which to realise this goal and we look forward to the eyes of the region falling upon our shores as the definitive African energy center.”
Hamid El Ihtheri, the head of Economic and Social Fund of Libya, said: “Our principal goal is to nurture projects that offer tangible benefits to the people of Libya and sustainable growth within the wider economy.”
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