Lybia
eBizguides Libya
A country under reconstruction
Le guiaré a lugares increíbles
The concept of eBizguides
eBizguides aims to provide on-the-ground information about the country economic performance, the main investment opportunities and acute business intelligence research about who are the leaders and influencers of the country and which are the top 100 companies. All you need to know about doing business in a country and in a unique publication that also includes a small tourism guide. eBizguides are the world's leading business intelligence guidebooks. Click to read more.
Africa´s major oil producer
Libya started its oil exploration in 1955 and the principle legislation, Petroleum Law No. 25, was enacted in April 1955. The first oil fields were discovered in 1959 at Amal and Zilten, together known as Nasser, and oil exports began in 1961. Libya became a member of OPEC in 1962. At the beginning of 1999, Libya’s OPEC production quota was 1,227 mmbpd. Now, Libya is Africa’s major oil producer and one of Europe’s biggest North African oil suppliers. Supplies from North Africa to European destinations have the advantage of being both timely and cost effective.
Natural gas
Libya’s natural gas reserves are estimated at 46.4 Tcf, however these are mostly under-utilized and unexplored. Libyan experts place the potential reserves between 70-100 Tcf. The main gas fields include Attahadi, Defa-Waha, Hatiba, Zilten, Sahl, and Assumud. Libya wishes to increase the gas production both for the purpose of internal use, in particular power for generation, and for export to Europe. In order to expand the gas production, marketing and distribution, foreign participation and investment is sought by Libya. New sizeable discoveries have been made in the Ghadames, El-Bouri fields and in the Sirte Basin.
INVESTMENT
The Libyan economy depends primarily on revenues from the oil sector, meaning practically all export earnings and about one-quarter of GDP come from this sector. These oil revenues and a small population give Libya one of the highest per capita GDPs in Africa. Libya in the past three years has made progress on economic reforms as part of a broader campaign to reintegrate into the international fold. This effort picked up steam after UN sanctions were lifted in September 2003. Libya is ahead in liberalizing the economy, initial steps - including applying for WTO membership, reducing some subsidies, and announcing plans for privatisation - are laying the groundwork for a transition to a more market-based economy. The yearly output of petroleum in Libya exceeds 500 million barrels per year, while the amount of natural gas reaches 10.3 billion. Libya has a large production of refined products and construction materials. The non-oil manufacturing and construction sectors, which account for about 20% of GDP, have expanded from processing mostly agricultural products to include the production of petrochemicals, iron, steel, and aluminium. The more popular craft items are carpets, pottery,
leather goods, fabrics, and copperware. The main partners are Italy, making up about 40% of the export market and 18% of the imports, Germany with 20% and 12%, Britain with 6,5% and 3%.
leather goods, fabrics, and copperware. The main partners are Italy, making up about 40% of the export market and 18% of the imports, Germany with 20% and 12%, Britain with 6,5% and 3%.
Partner Companies
Libya
Libya, with its vast two millions square kilometres, is characterized by its rich archaeological heritage rarely found in other areas in the world. Prehistoric relics can be found on most of this vast area or immersed in the seawater along the coast. Such significant heritage was well preserved over the last ten thousand years due to the dry weather conditions that prevailed over that time. The period from which of the oldest discovered tools that belonged to the stone culture, is referred to as the Lower Stone Age, which took place at the beginning
of the Pleistocene epoch 2-5 million years ago. Such tools were just smooth stones shaped at one side to make a sharp edge. The technique and use of such
tools improved with the passing of time and were developed in accordance with greater human knowledge and experience. The simple stone culture developed into the Achoulian culture, which was famous for its hand-axes shaped as pears.
tools improved with the passing of time and were developed in accordance with greater human knowledge and experience. The simple stone culture developed into the Achoulian culture, which was famous for its hand-axes shaped as pears.
