Gulf Finance House's (GFH) bid to set up Energy City Libya will help the country become an international energy hub.

During a visit to Libya, GFH chairman Esam Janahi met Prime Minister Dr Ali Al Mahmudi Al Baghdadi, Libyan National Oil Corporation (LNOC) president Chokri Ghanem and Libyan Social Development Fund president Hamad Al Hadhiri.

'We are very impressed with the concept of Energy City Libya as presented to us by Mr Janahi,' said Ghanem. 'We firmly believe Energy City will help the country emerge as an international energy hub in addition to having a positive impact on the gross domestic product and creating job opportunities.

'Furthermore, Energy City will not only benefit Libya but the region as a whole. The LNOC is committed to providing its full support to this project.'

Energy City Libya is aiming to become a full service energy business centre catering to the commercial, technical and human resource needs of the oil and gas industry, positioning it as the energy hub of region.

It will be developed on a plot of 528 hectares, adjacent to the Mediterranean Sea, 70km west of Libyan capital Tripoli, and will include residential, convention, hospitality and retail clusters in order to support the energy component using state-of-the-art facilities.

With one of the highest per capita GDPs in Africa, Libya holds the largest proven oil reserves in Africa and the oil sector contributes 95 per cent of export earnings for the economy.

The country's natural gas production has also grown substantially in the past few years with the continuing trend of energy production and export.

'I am very pleased with the new partnership we have forged with GFH for this exciting new project,' said Al Hadhiri.

'The land plot for the development has been identified, and is located very strategically. The mix of clusters envisioned for Energy City will create a first of its kind business hub in Libya and the region and will make this city a highly sought-after development. We believe that this venture will enhance Libya's position as an attractive investment destination.'

'The growth in the oil and gas sector in Libya has generated significant interest from global energy companies,' said Janahi.

'Energy City should provide a hub for energy companies to benefit from Libya's continued increase in oil and gas production which has come as a result of its strategic location, its high quality crude oil reserves, and its significant gas reserves. 'Over the next few years, Libya is expected to increase its oil production capacity by 40pc from 1.8 million barrels per day to 3m by 2013.' 'We believe that our unique concept of Energy City will contribute substantially to Libya's growing energy sector,' he added.  -TradeArabia News Service