Türkiye ready for cooperation in unleashing Libya's energy potential - minister

Türkiye'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.