Recent statements by Investment Minister Ali Saïdi, directed at the Eastern government (not recognized by the international community), have sparked reactions in the West. Speaking at a forum in Kazan, Russia, in May, Saïdi called for strengthening economic partnerships with Russia across various sectors.
He emphasized that his government’s contacts with Moscow are ongoing, and the Eastern Libyan authorities seek to establish a strategic partnership with Russia. Following the bolstering of its military presence, Moscow now aims to reestablish itself economically, particularly in the oil sector.
Libya, in need of investments, presents a fertile ground for Russian interests, according to the Eastern Libyan Investment Minister. He extended an open invitation to all Russian companies to invest in energy, agriculture, industry, health, and education sectors. Concurrently, he dismissed the American presence in Libya, which is more prominent in the West.
Russian media reports indicate that the minister specifically invited Tat Neft to construct a refinery in Eastern Libya. “The land, the project, and the authorization are all in place,” he stated. This project has been pending execution for over a decade.
The National Oil Corporation (NOC), responsible for Libya’s energy sector, protested these remarks, asserting its exclusive authority to negotiate contracts with international companies. The NOC responded, “Libya does not need such a partnership; it is capable of constructing new refineries with Libyan oil companies.”
Libya boasts the largest oil reserves in Africa, having surpassed Nigeria in production as of April 2024. The country aims to produce two million barrels per day and is set to grant a series of permits to active international companies in the field.
According to several Libyan observers, Russia is seeking to expand its economic influence alongside its military presence in Libya. Russian oil companies Gazprom and Rosneft are already active in the country. Moscow is looking to revive old projects and initiate new ones in the gas sector.
By actively pursuing these investments and partnerships, Russia aims to solidify its economic foothold in Libya, complementing its established military presence and potentially reshaping the geopolitical landscape in the region.