New agreements between the United States and Libya to strength partnership in oil industry
US President Donald Trump’s advisor for African affairs, Masad Boulos, revealed the expected signing of two new agreements between Libya’s National Oil Corporation and American energy companies, in a decision aimed at strengthening cooperation between the two countries in the energy sector.
This came in a video statement posted by the US Embassy in Tripoli, Libya on its Facebook page on Friday, during a visit Paul has been conducting to the country since last Wednesday.
Boulos explained that a memorandum of understanding is expected to be signed between the National Oil Corporation and Exxon Mobil company.
He added that the agreement will enable exploratory studies to be conducted in offshore gas areas, enhancing Libya’s capabilities in the energy sector.
Boulos pointed to another agreement being finalized between the Waha Oil Company’s partners, including ConocoPhillips company, to develop the Waha oil fields, with investments estimated at millions of dollars.
He stressed that this step will contribute to nearly doubling Al Waha’s production.
“Together we are building stronger ties, making both the United States and Libya more prosperous,” Paul said.
The US advisor began his visit on Wednesday in the capital, Tripoli, where he met with the head of the Libyan Government of National Unity, Abdul Hamid Dabaiba, who offered him a $70 billion economic partnership between the two countries.
In Tripoli, Boulos also met with Presidential Council Chairman Mohamed Menfi and witnessed the signing of a $235 million cooperation agreement between the Libyan oil and gas company Mellitah and Hill International company to support the A and B installations project.
On Thursday, Paul traveled to eastern Libya, where he met with the commander of the eastern forces, Khalifa Haftar, and then with the Speaker of the House of Representatives, Aguila Saleh.
He concluded his meetings with Lieutenant General Saddam Haftar, the Chief of Staff of the Ground Forces.
According to official US data, the total volume of trade in goods between the United States and Libya amounted to approximately two billion dollars in 2024.
US exports to Libya increased by 27.1% compared to 2023, reaching $567.2 million.
In contrast, the value of US imports from Libya amounted to $1.5 billion, a 4.6% decrease from the previous year.
This exchange resulted in a US trade deficit with Libya of $898.3 million, a 17.6% decrease compared to 2023.
