TRIPOLI: The acting chairman of Libya's state-owned National Oil Corporation (NOC), Masoud Sulaiman, said that the company plans to increase daily oil and gas production to two million barrels over the next three years if "the right funds are made available." Speaking at the third Libya Energy and Economy Summit in Tripoli on Saturday, Sulaiman announced that Libya's oil sector is on a path of continuous recovery. He highlighted the NOC's achievements over the past three years, including a significant increase in crude oil production, which has surpassed 1.41 million barrels per day, along with gains in gas and condensate production, according to an NOC statement published on its Facebook page, reports Xinhua news agency. Sulaiman confirmed that the NOC is making efforts to advance the local petrochemical industry and seeks to enhance refining capabilities to meet both local and international demand. He also emphasised the importance of encouraging the private sector to play a key role as a service provider for the oil and gas industry. (IANS)
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