Libyan oil chief: investment could help west recover moral authority

by Dramelin 9:00 AM 0 comments authority chief help international investment libya libyan moral oil pfg production recover sanalla smuggling west

A restoration of oil production is widely seen as the only way for the debt-ridden Libyan economy to recover. Oil production today stands at 715,000 barrels a day, the highest level in three years. The situation is that uncertain.?Sanalla, due to speak at a Foreign Office-backed Libyan investment conference on Thursday, said studies showed that the Libyan oil industry needed investment of between $100bn and $120bn, but it was struggling to get even operating costs from the Tripoli government. We need international help to bring it to an end,? Sanalla said. Mustafa Sanalla says oil can help ?unify? Libya as post-Gaddifi moratorium on foreign investment is lifted ahead of London conferenceThe international community has lost moral authority in Libya and can best help the country by acting to end oil smuggling and providing investment to boost production, the chairman of the Libyan National Oil Corporation, Mustafa Sanalla, has said.