Prime minister of Libya Ali Al-Mahmudi al-Baghdadi and the chairman of Gulf Finance House, Esam Janahi have been holding meetings to discuss establishing a energy business centre to support the oil and gas industry. The centre would be known as Energy City Libya, and will form part of an international network of Energy Cities.
Energy City Libya will be developed on land located next to the Mediterranean Sea, 70 kilometres west of Libyan capital Tripoli, and will include residential and hospitality facilities. Once completed, it would help establish itself as the energy hub of the region.
In terms of natural resources, Libya has huge potential holding the largest proven oil reserves in Africa. The oil sector contributes to 95% of export earnings for the economy. The country has one of the highest per capita GDPs in Africa, and its natural gas production has grown substantially in the past few years with the continuing trend for energy production and export.
The Energy City concept is an idea developed by Gulf Finance House and the international energy consulting firm Gulf Energy.
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