São Paulo – Libya plans on privatizing nine companies in the following months. Among them are Libyan Iron and Steel Company (Lisco) and a soft drinks factory located in the outskirts of the capital city, Tripoli. According to information from the African news agency Panapress, the Libyan minister of Industry, Suleyman Al-Faytouri, made the announcement during the weekend and said the government shall evaluate each business before the sale.
“We shall determine the value of these two companies and another seven industrial units before taking a decision. We believe this work shall take three months,” stated the minister in a collective interview. He did not reveal the names of the other seven companies intended for the private sector.
In 2013, the production of iron and steel by the company on sale was reduced due to power cuts. Located in Misrata, at 210 kilometers from Tripoli, Lisco is among the greatest companies in the sector in North Africa. When operating at full capacity, it produces 1.32 million tons of spools and laminated sheets, galvanized steel and blocks of steel, among other items.
According to information from the company itself, Lisco exports to Jordan, Morocco, Egypt, Qatar, Tunisia, Spain, Italy, France, Greece and Turkey.
Oil fields
While preparing for the privatization of some companies, the Libyan government is attempting to retake it’s oil production, the country’s greatest source of income. On Sunday, rebels who had interrupted the production in the Al-Charara field, in southern Libya, allowed activities to restart. The expectations of the National Oil Company (NOC) is that production in this field reaches it’s full capacity, of 340,000 barrels per day, yet this week.
Other oil fields and two ports were taken over by rebels of various divisions around the country, which has led to a fall in production from approximately 1.5 million barrels per day to 250,000 barrels per day, as reported by Panapress. According to the Oil Ministry, oil production interruptions have already caused losses worth US$ 9 billion.
*Translated by Silvia Lindsey
