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Gulf Finance House set to launch Energy City Libya

The Prime Minister of Libya, Dr Ali Al Mahmudi Al Baghdadi and Esam Janahi, Chairman of Gulf Finance House yesterday discussed GFH’s strategy of establishing Energy City Libya which will be part of an international network of energy cities.

Energy City Libya is aiming to become a full service energy business center catering to the commercial, technical and human resource needs of the oil and gas industry, positioning it as the Energy Hub of region. Energy City Libya will be developed on a plot of land approximately 528 hectares, adjacent to the Mediterranean Sea, 70 kilometers west of Libyan capital Tripoli and will include residential, convention, hospitality and retail clusters in order to support the energy component using state-of-the-art facilities. Janahi also met with the president of the Libyan National Oil Corporation Dr Chokri Ghanem, and president of the Libyan Social Development Fund Hamad Al Hadhiri, as well as the chairman of Al Qhadafi Development Fund.

With one of the highest per capita GDPs in Africa, Libya holds the largest proven oil reserves in Africa, and the oil sector contributes to 95% of export earnings for the economy. The country’s natural gas production has also grown substantially in the past few years with the continuing trend of energy production and export. Dr. Chokri Ghanim, President of the Libyan National Oil Corporation said “We are very impressed with the concept of Energy City Libya as presented to us by Esam Janahi. We firmly believe Energy City Libya will help the country emerge as an international energy hub in addition to having a positive impact on the GDP and creating job opportunities. Furthermore, Energy City Libya will not only benefit Libya but the region as a whole.”

The Libyan National Oil Corporation is committed in providing its full support to this project. Hamad Al Hadhari, President of the Libyan Social Development Fund, partner and signatory of cooperation agreement with Gulf Finance House (GFH) for Energy City Libya said: “I am very pleased with the new partnership we have forged with GFH for this exciting new project, Energy City Libya.” The land plot for the development has been identified, and is located very strategically. The mix of clusters envisioned for Energy City Libya will create a first of its kind business hub in Libya and the region, and will make this city a highly sought after development. We believe that this venture will enhance Libya’s position as an attractive investment destination. We look forward to a long and prosperous relationship with GFH on this project, and in the future as well.”

Esam Janahi, Chairman of Gulf Finance House said. “The growth in the oil and gas sector in Libya has generated significant interest from global energy companies. Energy City Libya should provide a hub for energy companies to benefit from Libya’s continued increase in oil and gas production which has come as a result of its strategic location, its high quality crude oil reserves, and its significant gas reserves. Over the next few years, Libya is expected to increase its oil production capacity by 40% from 1.8 million barrels per day (bbl/d) to 3 million bbl/d by 2013. We believe that our unique concept of Energy City will contribute substantially to Libya’s growing energy sector. We are extremely grateful to the Libyan government for all their support.”

The Energy City concept is conceptualized by GFH and the international energy consulting firm Gulf Energy, and Energy City Libya is part of the global network of Energy Cities GFH plans on creating and developing. (Menafn)