A Chinese company signs an investment agreement in Libyan oil that includes transferring 40% of the production of two main fields

The Chinese PetroChina Oil and Gas Company and the Arabian Gulf Company in Libya signed a long-term investment agreement in a move that indicates the strengthening of economic relations between China and Libya.

The Italian news agency “Nova” announced the agreement, indicating that it represents an opportunity to transfer a 40% share of the production of the Nafoura and Sarir fields, whose production is about 280 thousand barrels per day.

The agency quoted an informed Libyan source as saying that the agreement includes Chinese promises to invest in infrastructure for 30 years, in addition to providing equipment and training to Libyan cadres in various fields, the most important of which is military.

China played an important role in Libya, especially during the era of Colonel Muammar Gaddafi, by seeking to establish railway lines before these promising projects ended due to the chaos caused by the NATO invasion in 2011.

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