The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.
The foreign relations of Libya under Muammar Gaddafi (1969–2011) underwent much fluctuation and change. They were marked by severe tension with the West and by other national policies in the Middle East and Africa, including the Libyan government's financial and military support for numerous paramilitary and rebel groups.
Gulf Oil was a major global oil company in operation from 1901 to 1985. The eighth-largest American manufacturing company in 1941 and the ninth-largest in 1979, Gulf Oil was one of the Seven Sisters oil companies. Prior to its merger with Standard Oil of California, Gulf was one of the chief instruments of the Mellon family fortune; both Gulf and Mellon Financial had their headquarters in Pittsburgh, Pennsylvania, with Gulf's headquarters, the Gulf Tower, being Pittsburgh's tallest building until the completion of the U.S. Steel Tower.
TotalEnergies SE is a French multinational integrated energy and petroleum company founded in 1924 and is one of the seven supermajor oil companies. Its businesses cover the entire oil and gas chain, from crude oil and natural gas exploration and production to power generation, transportation, refining, petroleum product marketing, and international crude oil and product trading. TotalEnergies is also a large-scale chemicals manufacturer.
Repsol S.A. is a Spanish multinational energy and petrochemical company based in Madrid. It is engaged in worldwide upstream and downstream activities. In the 2022 Forbes Global 2000, Repsol was ranked as the 320th-largest public company in the world. As of 2022, it has 24,000 employees worldwide.
Eni S.p.A. is an Italian multinational energy company headquartered in Rome. Considered one of the seven "supermajor" oil companies in the world, it has operations in 62 countries with a market capitalization of €48 billion, as of 31 December 2022. The Italian government owns a 30.33% golden share in the company, 4.37% held through the Ministry of Economy and Finance and 25.96% through the Cassa Depositi e Prestiti. The company is a component of the Euro Stoxx 50 stock market index.
MOL Plc., also known as MOL Group, is a Hungarian multinational oil and gas company headquartered in Budapest, Hungary. Members of MOL Group include among others the Croatian and Slovak formerly state-owned oil and gas companies, INA and Slovnaft. MOL is Hungary's most profitable enterprise, with net profits of $770 million in 2019. The company is also the third most valuable company in Central and Eastern Europe and placed 402 on the Fortune Global 500 list of the world's largest companies in 2013 with a revenue equal to one fifth of Hungary's GDP at the time.
Roger Edward Tamraz is an international banker and venture capital investor who has had an active business career in oil and gas in the Middle East, Europe, Asia and the United States since the early 1960s. He is the billionaire chairman of the Dubai, UAE-based petroleum energy firm NetOil.
Naftna Industrija Srbije is a Serbian multinational oil and gas company with headquarters in NIS building, Novi Sad, Serbia. NIS is one of the most profitable companies in Serbia and one of the largest domestic exporters. It employs around 11,000 people in Serbia and the region. As of May 2022, Gazprom Neft is the largest shareholder with 50% of NIS shares, followed by 29.87% owned by the Government of Serbia, 5% owned by Gazprom and rest by minority shareholders.
The National Oil Corporation is the national oil company of Libya. It dominates Libya's oil industry, along with a number of smaller subsidiaries, which combined account for around 70% the country's oil output. Of NOC's subsidiaries, the largest oil producer is the Waha Oil Company (WOC), followed by the Arabian Gulf Oil Company (Agoco), Zueitina Oil Company (ZOC), and Sirte Oil Company (SOC).
The Ras Lanuf Refinery is a topping and reforming oil refinery in Ras Lanuf, Libya. It is part of a larger petrochemical complex also consisting of an ethylene plant, a polyethylene plant, plant utilities, and Ra's Lanuf Harbor. Until 9 March 2009, the complex was operated by the RASCO, a subsidiary of the National Oil Corporation. The current operator is the Libyan Emirates Oil Refining Company.
Mercuria Energy Group Ltd is a Cypriot-domiciled Swiss multinational commodity trading company active in a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas, power, biodiesel, base metals and agricultural products. The company is one of the world's five largest independent energy traders and asset operators and is based in Geneva, Switzerland, with 37 additional offices worldwide. The group operates in 50 different countries.
Gunvor Group Ltd is a Cypriot-domiciled multinational commodity trading company registered in Cyprus, with its main trading office in Geneva, Switzerland. Gunvor also has trading offices in Singapore, Houston, Stamford, London and Dubai, with a network of representative offices around the globe. The company operates in the trade, transport, storage and optimization of petroleum and other energy products, as well as having investments in oil terminal and port facilities. Its operations consist of securing crude oil and petroleum products upstream and delivering it to market via pipelines and tankers. Gunvor has a separate company, Nyera, set up in 2021 to invest in renewable energy sources. It is run by energy transition director Fredrik Tornqvist.
Vitol is a Swiss-based Dutch multinational energy and commodity trading company that was founded in Rotterdam in 1966 by Henk Viëtor and Jacques Detiger. Though trading, logistics and distribution are at the core of its business, these are complemented by refining, shipping, terminals, exploration and production, power generation, and retail businesses. Vitol has 40 offices worldwide and its largest operations are in Geneva, Houston, London, and Singapore.
Italy–Libya relations refers to the bilateral relations between the State of Libya and the Italian Republic. Italy has an embassy in Libya's capital, Tripoli, and a general consulate in Benghazi. Libya has an embassy in Italy's capital, Rome, and two general consulates.
After the neighboring countries of Egypt and Libya both gained independence in the early 1950s, Egypt–Libya relations were initially cooperative. Libya assisted Egypt in the 1973 Arab-Israeli War. Later, tensions arose due to Egypt's rapprochement with the west. Following the 1977 Egyptian–Libyan War, relations were suspended for twelve years. However, since 1989 relations have steadily improved. With the progressive lifting of UN and US sanctions on Libya from 2003 to 2008, the two countries have been working together to jointly develop their oil and natural gas industries.
Ola, is the brand name used by the affiliates owned by Libya Oil Holdings and previously known as Tamoil Africa. Ola has over 3000 branches in 17 countries across Africa, including Egypt, Senegal, Ivory Coast, Cameroon, Gabon, Kenya, Mali, Burkina Faso, Niger, Chad, Eritrea, Uganda, Nigeria, Mauritius, Réunion, Morocco, Tunisia, Ethiopia, and Sudan.
Puma Energy is a Swiss multinational mid- and downstream oil company, majority-owned by Singapore-based French company Trafigura.
VARO Energy (VARO) is an energy company headquartered in Zug, Switzerland. It operates in manufacturing, storage and distribution, marketing and trading, with businesses in biofuels, green hydrogen, biomethane & bio-LNG, nature-based carbon removals and e-mobility. The company is focused on the Benelux countries, Germany, France and Switzerland. VARO Energy’s shareholders include the global Investment firm, Carlyle Group and the global energy and commodities company Vitol. The company CEO is Dev Sanyal.
