Libya joins World Bank initiative to eliminate routine gas flaring by 2030, aiming to save $650 million annually
via Libya Herald1 min read
Libya's Tripoli-based Ministry of Oil and Gas announced on May 6 that the country has joined the World Bank's initiative to eliminate routine gas flaring by 2030. This move is expected to save approximately $650 million per year. The Zero Routine Flaring by 2030 endorsement is part of the Global Flaring and Methane Reduction Partnership. The signing ceremony took place on April 30 at the World Bank's headquarters in Washington, D.C., during a visit by a high-level Libyan government delegation. The Ministry stated that this step reflects Libya's commitment to enhancing the efficient use of natural resources and supporting sustainable development. Attendees included Minister of Oil and Gas Khalifa Abdel Sadig, Minister of Transport / PM’s Special Advisor Mohamed Al-Shahoubi, Minister of Economy and Trade Suhail Abu Shiha, Director General of the National Mining Corporation Faraj Al-Shandouli, and Director of the International Cooperation Office at the Ministry of Oil and Gas Mohamed Zeid. Libya reportedly burned about 6.3 billion cubic meters of gas in 2024, representing an estimated economic loss of $650 million. The initiative aims to reduce resource waste and maximize the use of associated gas. Discussions also covered an action plan for reducing routine flaring through technical support, capacity building, and policy consultations, to strengthen the oil and gas sector's role in the national economy and environmental sustainability. This accession demonstrates Libya's commit
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The Indian Embassy in Tripoli will soon resume issuing visas for Libyans from Tripoli, a change from the previous arrangement where visas were issued from its Tunis Embassy. This development was announced following a meeting on May 5 between Ashraf Al-Taeb, Director of the International Cooperation Department at Libya's Ministry of Foreign Affairs and International Cooperation, and Hifzur Rahman Mohammed, Ambassador of India to Libya. The meeting focused on strengthening cooperation and discussing bilateral issues. Additionally, both sides agreed to convene the Libyan-Indian Joint Committee in Tripoli this year at the ministerial level, preceded by a preparatory meeting of experts. The Indian Ambassador also mentioned an upcoming visit by the Undersecretary of the Ministry of Foreign Affairs to Libya with a high-level delegation to discuss bilateral, regional, and international matters. These steps follow India's increased capacity building cooperation with Libya, including sending 11 Libyan officials from the Ministry of Foreign Affairs and International Cooperation and the Ministry of Justice for a two-week specialized IT training in Noida from May 6-19, 2026, under the Indian Technical and Economic Cooperation program. Previously, three Libyan officials from the Tripoli-based Ministry of Health were sent for a two-week specialized training program on Digital Health Innovations in Mohali from May 6-19, also under the Indian Technical and Economic Cooperation.
Must ReadLibya’s National Oil Corporation NOC and American oil giant Chevron have signed a Memorandum of Understanding MoU to jointly study the potential of unconventional shale oil and gas resources in Libya. The study will focus on the Sirte, Murzuq, and Ghadames sedimentary basins, with technical teams from both entities analyzing data to assess development opportunities. Estimates suggest Libya holds approximately 123 trillion cubic feet of gas reserves and 18 billion barrels of oil reserves. NOC Chairman, Masoud Suleiman, stated that this MoU is a significant step, aiming to bolster national reserves and enhance Libya’s role in energy markets. He noted this is the first joint study in Libya to assess unconventional resources. A key aspect of the agreement is the collaboration between Libyan and Chevron staff, which is expected to provide valuable practical and technical development for Libyan cadres in this field.
Must ReadThe Central Bank of Libya CBL has issued new instructions to banks in Libya, loosening foreign currency controls. A leaked letter dated April 28, addressed to all General Managers of banks, indicates that the CBL now permits banks to accept cash deposits and incoming foreign currency transfers. Banks can use these funds for direct transfers within the country and for external transfers. Additionally, the new directives allow banks to open letters of credit, issue and load Visa and Mastercard cards, and facilitate fast transfers via Western Union and MoneyGram. These measures are intended to strengthen the Libyan dinar on the black-market foreign exchange, undercut currency speculators, and are part of the CBL’s broader economic reform efforts.
The Tripoli Chamber of Commerce, in collaboration with the Commercial Attaché of the Spanish Embassy in Tripoli, announced the organization of bilateral business meetings B2B for 11 May at the Chamber’s Tripoli headquarters. These meetings aim to connect Libyan companies with their Spanish counterparts to foster commercial partnerships and open new communication channels between the two nations. Targeted sectors for these B2B meetings include food industries, household insecticides, engine oils and lubricants, medium voltage electrical equipment, tobacco, and construction equipment and industrial machinery. This initiative follows recent developments such as MedSky airlines commencing direct flights between Tripoli and Madrid on 21 April, and the Libyan Spanish Business Forum held in Madrid from 23 to 24 April.