Deputy Special Representative of the UN Secretary-General in Libya, Stephanie Koury, met with Masoud Suleiman, Chairman of the National Oil Corporation, to review the state oil company’s strategic plans to boost oil and gas production in the politically challenged North African nation. The high-level meeting comes as Libya seeks to restore and expand its petroleum sector, which remains the backbone of the country’s economy.
Suleiman provided Koury with a comprehensive update on the ongoing bidding round for exploration and production rights, which was launched in March 2025. The bidding round represents Libya’s concerted effort to attract international investment and revitalize its energy sector after years of instability and production disruptions that have plagued the industry.
According to a statement by the United Nations Support Mission in Libya, Koury emphasized that stable leadership within the NOC is crucial for advancing governance reforms in the oil sector. She reaffirmed the Mission’s support for Suleiman’s efforts to strengthen the Corporation’s institutional capacities, noting the NOC’s vital role in stabilizing Libya’s economy and ensuring consistent revenue flows to the government.
Koury also underscored the critical importance of transparency and accountability in managing Libya’s natural resources, ensuring that oil revenues serve the interests of all Libyans regardless of regional or political affiliations. The emphasis on governance and transparency reflects ongoing international concerns about resource management in Libya, where oil revenues remain the primary source of national income and have historically been a focal point of political disputes.
Source: libyaobserver.ly