Libya Invites Petronas To Increase Investments
KUALA LUMPUR, Feb 28 Asia Pulse - Libya wants Petronas to establish itself in its downstream oil market and for Proton to sell its cars there as well as North Africa, said a Libyan trade official.
Dr Abdel Hafeez Mahmoud Elzelini, Libya's Secretary of the General People's Committee for Economy and Trade, said such endeavours would be part of efforts to boost trade and investment with Malaysia.
"Libya wants to see more discussions taking place between Petronas and Libyan refineries and its petrochemical industry," said Dr Elzelini in an interview over the weekend after meeting Petronas officials here.
He said Petronas' future programme in Libya was discussed and expected the Malaysian national oil corporation to increase its investments in Libya.
Petronas is already involved in a concession to explore for oil in the Libyan-Tunisian border.
"What remains is for Petronas to establish itself and expand its activities in Libya," he over the weekend.
Dr Elzelini, who led a Libyan trade delegation here, said there were also opportnuities for Malaysia's automotive and palm oil industries in Libya.
He said there was also discussion on selling Proton cars and making car components in Libya.
"Cars produced in Malaysia are competitively-priced and what needs to be done now is to open the (Libyan) market for them through some marketing," he said. From Libya, he said Malaysian cars can also be sold to other nearby markets.
On palm oil, Elzelini saw opportunity in the commodity being used as a raw material for making soaps and detergents.
Libya was now developing a light industry to manufacture soaps and detergents, he said, adding that 80 percent of Libya's requirement for edible oil was fulfilled by importing sunflower and corn oils.
At present, he said the trade ties between Libya and Malaysia were not as strong as their political and social relationships, adding that economic sanctions imposed on Libya by the United Nations for about seven years had brought about the low-key trade situation.
Dr Elzelini said a seminar was being planned in Kuala Lumpur for the Malaysian private sector to be exposed to the trade and investment potential in Libya and North Africa.
Malaysian companies were also expected to participate in an international trade fair in Libya in April, he added.
Besides the oil and gas sector, Dr Elzelini said the other promising sectors in Libya were manufacturing, tourism and transit trade.
He expected Libya's economy to grow by about 5.5 percent this year, based on the new investments flowing inand improved oil prices and export revenues.
(Bernama) |
