The Minister of Oil and Gas Dr. Abdulbari Alarusi [Al Arusi] (pictured) has called on Saudi companies to invest in the Libyan oil industry.
On a visit to Saudi Arabia’s Eastern Region, the centre of the country’s oil industry, he told local businessmen that there were plenty promising investment opportunities in the Libyan oil sector.
According to a report from Libya Herald, Arusi noted that Western businessmen have been rushing into Libya and fostering business relationships, while Arab investors were reluctant to even visit.
During the visit the Saudi Minister of Petroleum and Mineral Resources, Ali Al-Naimi, had expressed his personal willingness and that of Saudi Arabia to support Libya on its journey to progress and prosperity.
In a report in Al Hayat newspaper, Arusi was quoted saying that favourable laws to attract investors, such as exempting foreign investors from taxes for a period of five years with an option to extend for three years, were among major suggestions being considered by the Libyan authorities.
(Source: Libya Herald)