Türkiye's energy minister has 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 on Saturday at the Libya Energy and Economic Summit 2024, organised by Energy Capital and 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, emphasising 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.
Smart energy transition
Bayraktar's speech also focused on the nature of energy transition, advocating for a "smart energy transition" characterised by responsiveness, rational decision-making, flexibility, justice, and digitisation. 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 emphasised 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, emphasising the need for consistent and stable policy to avoid market volatility.
