During meetings in Riyadh, Saudi Arabia, a delegation from the Tripoli based Libyan government of discussed the agenda for the upcoming meeting of energy and oil ministers from the "OPEC+" Declaration of Cooperation.
The discussions covered the state of global oil markets and challenges related to the security and continuity of supplies—compounded by disruptions to shipping and rising transportation and insurance costs—while emphasizing the importance of coordination among participating nations to maintain market stability and energy flows.
As part of efforts to strengthen economic cooperation between Libya and Saudi Arabia, the delegation met with Saudi Assistant Minister of Investment, Abdullah bin Zar'ah. They explored ways to develop investment partnerships, launch a Libyan-Saudi Business Council, and enhance collaboration between the Libyan Investment Authority, the Economic and Social Development Fund, and their Saudi counterparts.
Saudi delegation to visit Libya
The two sides also agreed to coordinate a visit by a Saudi delegation to Libya to explore available projects and investment opportunities. Furthermore, they discussed leveraging the Islamic Development Bank—to which both nations contribute—to support and finance strategic development projects in Libya.
These initiatives align with the vision of Prime Minister to bolster Libya’s presence on international energy platforms, expand economic and investment partnerships, and transform cooperation with fraternal nations into tangible opportunities and projects that support national development and the economy.
The delegation included Minister of Oil and Gas Khalifa Abdel-Sadig; Head of the Executive Team for Strategic Initiatives and Projects Mustafa Al-Mana; Director-General of the Economic and Social Development Fund Yassin Al-Abyad; and Chairman of the Board of Directors of GreenStream, Bashir Al-Ashhab.