Continental Focus, International Reach

NOC Welcomes China’s Interest

Tuesday, July 30, 2019

A delegation from Libya’s NOC met with China’s CNPC while on a visit to China discuss investment and enhanced cooperation opportunities in the Libyan oil and gas sector. The NOC delegation, headed by chairman Mustafa Sanalla, was welcomed by CNPC’s VP and president of PetroChina, Hou Qijun, and the chairmen of CNPC’s subsidiaries.

Hou is reported to have expressed China and CNPC’s direct interest in progressing cooperation in Libya’s oil sector and in the trading of Libyan crude. The two parties are expected to cement future relations through a MoU at their next meeting.

Chairman Sanalla said: “In China, NOC has met some of the highest qualified companies in our industry and shared with them opportunities for reconstruction and development investment in our local oil sector. With a more stable security environment, we could easily add between 300-400,000 barrels to daily production and grow oil revenue receipts. Our long-term strategy is to produce 2.1 million bpd by 2023. China can help us on that journey.

“We hope that China and its leading oil sector companies will become partners to our vision for the local oil sector based on mutual opportunities through oil and gas imports, joint exploration and development, and the sharing of technical expertise,” added the chairman.