On Thursday, October 3, 2024, Farhat Bengdara, Chairman of the National Oil Corporation (NOC), met with Nagy Issa, the newly appointed Governor of the Central Bank of Libya, in Tripoli. The meeting focused on key strategic projects aimed at strengthening Libya’s oil sector and enhancing financial stability in the face of fluctuating global oil prices and previous production disruptions.

Chairman Bengdara opened the meeting by congratulating Governor Issa on his new role and expressed optimism about the collaboration between the NOC and the Central Bank. He highlighted how this partnership could be instrumental in stabilizing and advancing Libya's oil industry, which is vital to the nation's economy.

Discussions centered on implementing improved financial mechanisms to support both ongoing and upcoming projects designed to increase oil production. The leaders emphasized the critical need for maintaining consistent production levels to ensure financial sustainability, particularly in light of the challenges posed by oil field closures and global price volatility.

Additionally, they addressed the urgency of mitigating revenue shortfalls resulting from recent production interruptions. Chairman Bengdara stressed that boosting oil output is essential not only for stabilizing the national economy but also for attracting international investment, given the increasing global demand for energy.

Governor Issa reaffirmed the Central Bank’s commitment to ensuring sufficient financing for crucial oil production projects. Both parties agreed on the importance of developing long-term strategies to enhance Libya’s oil production, secure sustainable revenue streams, and contribute to the nation’s economic recovery.

The meeting underscored the importance of close coordination between the financial and energy sectors to maintain Libya’s standing as a key player in the global oil market. Both the NOC and the Central Bank emphasized their shared goal of driving growth in the energy sector to overcome economic challenges and support the country’s future development.