AGP Executive Report

Digital Infrastructure: Benghazi-based O3 Group has unveiled plans to expand Libya’s telecom network after the Medusa submarine cable landed in the city. Projects include 16,000 kilometres of fibre, a Tier III data centre and a pilot 5G network by year-end, with commercial service targeted for 2027. Power Supply: The Planning Ministry and GECOL discussed funding urgent repairs and network upgrades, while rehabilitation at West Tripoli’s power plant is set to restore about 200 megawatts after a 14-year pause. Foreign Exchange: A reported $4.7 billion gap between foreign-currency use and inflows in the first nine months of 2026 has renewed questions about how dollars are allocated, as pressure persists between official and parallel-market rates. Energy Investment: More than 70 firms are expected at the Libya-European Oil, Energy and Gas Forum in Madrid on December 2–3, where participants will discuss investment, production growth and technical cooperation.

Digital Infrastructure: Ozone Group launched in Benghazi and announced the arrival of the Medusa submarine cable. It plans a 16,000-kilometre fibre network, a data centre and a pilot 5G network by year-end. Foreign Exchange: An opinion analysis cites a roughly $4.7 billion gap between foreign-currency use and relevant inflows in the first nine months of 2026. The Central Bank says investment returns covered it; the official dollar rate was about LD6.44 against LD10.20 on the parallel market on October 15. Energy Partnerships: Libyan lawmakers attended Russian Energy Week to discuss oil and gas cooperation, while a Tripoli delegation in Riyadh discussed OPEC+ market stability and Saudi investment ties. U.S. adviser Massad Boulos also discussed potential energy investment in Libya with ExxonMobil. Power Supply: GECOL is rehabilitating two West Tripoli power plant units after a 14-year pause, aiming to restore about 200 megawatts to the grid. Industrial Investment: A Turkish-Libyan iron project near Benghazi plans to mobilise $2.5 billion and begin operations in 2028. Oil Finance: The Central Bank and National Oil Corporation remain at odds over oil revenue reporting and budgets, keeping transparency and funding flows in focus.

Power Supply: GECOL has restarted work to rehabilitate two units at West Tripoli’s power plant, aiming to restore about 200 megawatts after a 14-year pause. Energy Investment: A Libyan delegation in Riyadh discussed a business council, Saudi investment partnerships and project financing; separately, a US presidential adviser discussed energy opportunities in Libya with ExxonMobil representatives. Industry: A Turkish-Libyan iron project near Benghazi is expected to mobilise $2.5 billion and produce more than eight million tonnes of direct-reduced iron annually once fully operational. Banking and Oil Revenue: The Central Bank is pursuing technical cooperation with the Bank for International Settlements to strengthen supervision and risk management. The Audit Bureau also published oil-revenue figures for the first half of October and called for accurate, consistent reporting amid a public dispute between the Central Bank and the National Oil Corporation.

Power & Infrastructure: GECOL has resumed work to rehabilitate two West Tripoli power plant units after a 14-year pause, aiming to add about 200 megawatts to the grid. Energy Investment: Libya’s delegation in Riyadh discussed OPEC+ market stability and new Saudi investment partnerships, while a U.S. presidential adviser explored energy opportunities with ExxonMobil in Libya and Algeria. Industry: A Turkish-Libyan iron project near Benghazi is expected to attract $2.5 billion and begin production in 2028, with most output planned for export. Oil & Finance: The Audit Bureau reported $1.45 billion in oil receipts for the first half of October and called for clear, consistent reporting amid a dispute between the Central Bank and the National Oil Corporation. The Central Bank is also pursuing banking supervision reforms with the BIS and discussing cash-dollar supplies. Trade Links: Libyan and Indonesian business groups signed a cooperation agreement and held company-to-company meetings; Misrata’s Chamber of Commerce also discussed investment ties with Japan.

Industrial Investment: A Turkish-Libyan venture plans to invest $2.5 billion in an iron plant near Benghazi, targeting annual output above 8 million tonnes and commercial operations from 2028. Most production is intended for export. Banking Reform: Central Bank Governor Naji Issa discussed regulatory standards and training with the Bank for International Settlements, while separate talks with Numisma Bank focused on continuing cash-dollar shipments to Libya. Oil Revenue: The Audit Bureau reported $1.45 billion collected in National Oil Corporation accounts in the first half of October, including $577 million transferred to the Central Bank, and called for accurate, consistent reporting amid a dispute over oil figures. Trade Links: Libyan and Indonesian business groups signed a cooperation agreement at Trade Expo Indonesia and held meetings to develop commercial partnerships. Misrata’s Chamber of Commerce also explored investment ties with Japan. Export Policy: Libyan exporters urged the government to reconsider its blanket export ban, warning it threatens productive sectors and companies’ overseas contracts.

Banking and Currency: Central Bank Governor Naji Issa discussed stronger banking oversight and staff training with the Bank for International Settlements, while talks with Numisma Bank focused on cash-dollar deliveries and distribution through commercial banks. Oil Revenues: The Audit Bureau reported $1.45 billion in oil revenue collected in National Oil Corporation accounts through October 15, including $577 million transferred to the Central Bank, and ordered a joint committee to reconcile reporting. The NOC has also said withheld budgets are affecting maintenance and production plans. Trade and Investment: Libyan and Indonesian business groups signed a cooperation agreement and held company-to-company meetings at Trade Expo Indonesia. Misrata’s Chamber of Commerce also invited Japanese firms to explore investment and trade partnerships. Export Policy: Libyan exporters urged the government to reconsider its blanket export ban, warning it threatens local producers and overseas contracts.

Oil Revenue Dispute: Libya’s National Oil Corporation says it transferred about $1.23 billion to the Libyan Foreign Bank by October 13, while the Central Bank reports receiving only $361 million. The NOC also says withheld budgets are disrupting oil-sector payments, production stability and maintenance. Trade and Exports: Libyan exporters are urging the government to reconsider a blanket export ban, warning it could hurt producers and existing overseas contracts. Tripoli’s Chamber of Commerce and Poland discussed renewed business ties and a possible Polish trade delegation. Currency Policy: The House of Representatives speaker has asked the Central Bank to end the foreign-exchange surcharge, arguing the measure’s legal authorization expired in 2024. Infrastructure and Investment: Libya’s reconstruction fund discussed airport, water and housing projects with Turkish firms, while the housing minister explored Japanese smart-city technology. Tripoli also plans an investigation into flood damage and says compensation will begin for affected homes, shops and vehicles.

Oil Revenue Dispute: Libya’s NOC says it transferred $1.23 billion in oil revenues by October 13, while the Central Bank reported receiving about $361 million. The NOC also accuses the bank of withholding approved budgets, warning this could hinder oil-sector maintenance and production stability. Foreign Exchange: The House of Representatives speaker has urged the Central Bank to end the foreign-exchange surcharge, arguing the decision authorizing it expired in 2024 and no longer provides a legal basis. Export Ban: Libyan exporters are seeking reconsideration of a blanket export ban, warning it threatens producers, food processors and existing contracts with overseas buyers. Flood Recovery: Following severe Tripoli flooding, the housing minister has promised compensation for damaged homes, shops and vehicles and a public investigation into roads that failed. Investment and Trade: Libyan officials are exploring Japanese smart-city and sustainable construction technology, while Tripoli’s Chamber of Commerce discussed closer business ties with Poland and a possible trade delegation visit.

Energy Investment: Libya outlined plans to raise oil and gas output, modernise infrastructure and expand renewables at World Energy Week. In Riyadh, officials also discussed exploration, refinery development and power-grid links with counterparts from Germany, Pakistan, Tunisia, Nigeria and Turkey. Oil Infrastructure: Brega and OLA Energy began work on a Tajoura depot to expand fuel storage and strengthen distribution in western Libya. CCC and China’s Jereh Oil and Gas also held talks on potential investment and partnerships. Economic Reform: At an IMF meeting, a Libyan finance official cited economic stability, better resource management, subsidy reform and revenue diversification as priorities. Business Conditions: Heavy rain flooded Tripoli homes and commercial premises, disrupting livelihoods and underscoring the strain on local infrastructure. Political Outlook: The UN says a proposed roadmap offers a path to elections within 24 months, but warns that continued institutional division is weighing on the economy.

Energy Investment: Libya used World Energy Week in Riyadh to promote higher oil and gas output, infrastructure upgrades, more investment and renewable projects. Its delegation also held talks with energy officials from Germany, Pakistan, Tunisia, Nigeria and Turkey on exploration, grid links and sector development; Chinese firm Jereh and contractor CCC separately discussed potential oil and gas investment. Oil Infrastructure: Brega Oil Marketing and OLA Energy broke ground on a Tajoura depot to expand storage and improve fuel distribution in western Libya. Finance and Trade: At an IMF meeting, a Libyan finance official highlighted economic stability, better resource management, subsidy reform and revenue diversification. Pakistan is exploring Libyan crude imports, while South Africa imported nearly one million barrels of Libyan crude in September. Business Risks: Heavy rain flooded Tripoli roads, homes and commercial premises, disrupting daily activity; meanwhile, the UN warned that attacks on energy facilities threaten political progress and investor confidence.

Energy: Libya could again become a reliable oil and gas supplier, its ambassador said, if the country protects infrastructure, modernizes facilities and offers investors predictable rules. Pakistan is exploring Libyan crude imports, while South Africa bought nearly one million barrels in September. Banking: The Central Bank of Libya says Commerzbank has resumed ties with it and Libyan lenders, reopening correspondent banking services that can ease trade payments and transfers with Europe. Trade and investment: Libya and China have inaugurated a joint chamber to connect companies and develop trade and investment. In Misrata, talks with Pakistan focused on business partnerships and practical barriers, including payments, letters of credit and visas.

Banking: The Central Bank of Libya says Commerzbank has resumed ties with it and Libyan commercial banks, restoring correspondent banking links expected to ease trade payments and transfers with Europe. Telecoms Probe: Prosecutors detained two former Libyana officials over alleged mismanagement that caused LD 426 million in illicit gains, and a property purchase said to have breached budget rules. Oil: OPEC data show Libya’s September production fell by 58,000 barrels per day to 1.3 million. Trade Links: Libya inaugurated a joint chamber with China to encourage business partnerships and investment, while Julyana Free Zone held talks with a Maltese delegation on port and logistics cooperation. Pakistan Ties: Misrata’s Chamber of Commerce is pursuing trade and investment partnerships with Pakistan, including smoother business visas, labour recruitment and financial transfers.

Oil Output: Libya’s crude production fell by 58,000 barrels a day in September to about 1.3 million, even as OPEC output rose sharply. Crude Trade: Pakistan is urging refineries to consider Libyan crude as it seeks alternative supplies; talks covered cooperation, but no volumes or delivery dates were agreed. South Africa also imported nearly one million barrels of Libyan crude in September, only its second such purchase since 2013. Trade & Infrastructure: Russian laboratories cleared a 6,000-tonne wheat shipment bound for Libya by rail—the first consignment tested for that route. Work has also begun on the first phase of Zawia’s Dila fishing port upgrade, intended to improve access for fishing boats and expand port capacity.

Economic Reform: Central Bank Governor Naji Issa discussed fiscal discipline, banking transparency and foreign-exchange stability with a US Treasury official, including efforts to curb smuggling and illicit financial flows. Oil Trade: Pakistan is encouraging refiners to consider Libyan crude as it seeks alternative supplies amid regional disruptions. Libya said it would help Pakistani firms secure supplies, but no volume or delivery date has been agreed. Export Controls: The Libyan Export Development Authority will meet exporters over the government’s blanket ban on exports and re-exports, which aims to protect local prices and foreign-currency reserves but has drawn objections from businesses. Energy Sales: South Africa imported nearly one million barrels of Libyan crude in September, only the second such purchase since 2013; Libya’s output reached 1.34 million barrels a day. Agriculture: Russian inspectors cleared a 6,000-tonne wheat shipment for Libya by rail, a first for the route.

Crude Trade: Pakistan is encouraging refineries to buy Libyan crude as it diversifies supply; Libya’s oil minister said he would urge the National Oil Corporation to allocate more to Pakistani buyers. South Africa also imported nearly one million barrels in September, only its second Libyan cargo since 2013. Energy Links: Türkiye says it is discussing a regional power interconnection with Saudi Arabia, Jordan and Syria, and wants wider energy cooperation with Libya. Banking: Prosecutors ordered six National Commercial Bank officials detained over a €1.15 million credit facility allegedly granted without required collateral, and are seeking to recover illicit gains. Trade Rules: Small importers want Tripoli to suspend new foreign-trade regulations, saying limited access to official currency puts smaller businesses at a disadvantage. Fuel Supply: Brega disputed claims of a three-day southern shortage, saying it dispatched about 2.6 million litres of petrol and diesel over the weekend; the first truck had reached Sebha as the company issued its statement. Power: GECOL trained Libyan technicians in Germany to maintain generators and turbines at South Tripoli’s gas power station.

Banking Oversight: Prosecutors ordered six National Commercial Bank officials detained over a €1.15 million credit facility allegedly approved without required safeguards, and moved to recover illicit gains. Trade Rules: Small importers want the Tripoli government to suspend three foreign-trade decisions, saying limited access to official currency and import financing could hurt small businesses and supplies. Fuel Supply: Brega says it dispatched about 2.6 million litres of fuel for southern Libya over the weekend; the first truck had reached Sebha, after local officials reported three days without deliveries. Oil Exports: South Africa bought nearly one million barrels of Libyan crude in September, a rare purchase as Libya diversifies buyers, though Europe remains its main market. Power Sector: GECOL is training technicians in Germany to maintain equipment at the South Tripoli power station. Economic Pressures: The Central Bank reported a $4.7 billion foreign-currency deficit, while Libya’s oil output has topped 1.4 million barrels a day, its highest level since 2013.