Jan 13, 2024. Posted by Balkan Periscope - Hellas
Turkey 's
energy minister on Saturday highlighted Libya's potential in oil and gas,
reaffirming Ankara's readiness to collaborate with countries and firms to
help Libya use this potential.
Alparslan Bayraktar's remarks came at the Libya Energy&Economic Summit 2024, organized by Energy Capital & Power (ECP) under the theme, "A New Libya: Built on Energy" in collaboration with prominent entities, including the Libyan Prime Ministry, the Ministry of Oil and Gas, the National Oil Corporation (NOC), and the Renewable Energy Authority of Libya.
Bayraktar
pointed out that the energy world has faced a slew of multifaceted crises in
recent years, including climate change, the COVID-19 pandemic, supply chain
disruptions, surging commodity prices, and geopolitical tensions, underscored
by the conflict in Ukraine and recent events in Gaza.
"To
address all these challenges and to secure energy supply, reliable and
affordable energy supply is becoming increasingly difficult each and every
day," Bayraktar stated, stressing the urgency for international
cooperation to tackle these issues head-on.
The
minister highlighted Libya's significant potential in fields beyond oil and
gas, emphasizing the nation's capacity for renewable energy development. He
reflected on the long-standing partnership between Türkiye and Libya,
expressing confidence that this alliance could be expanded into the energy
sector.
Bayraktar's
speech also focused on the nature of energy transition, advocating for a
"smart energy transition" characterized by responsiveness, rational
decision-making, flexibility, justice, and digitization. He called for the
development of policies and regulations that would foster a sustainable shift
in energy production and consumption.
With the
world's energy demands still heavily reliant on oil, he emphasized the need for
substantial investments in the region of $400 billion to $600 billion annually
to maintain oil supply levels.
He also
touched upon the shift in transportation, with the advent of electric vehicles
and the subsequent rising demand for critical minerals, presenting new
challenges for the global economy.
Bayraktar
addressed policymakers directly, emphasizing the need for consistent and stable
policy to avoid market volatility.
Ahaber
--