2025/05/21 16:11:45

Economy of Libya

Content

GDP
- 2023
  - 29 years of GDP contraction since 1951
  - 3rd in the world in terms of economic growth
- 2018: GDP $6,639 per person
Gold and foreign exchange reserves
- 2011: Child girls supplier Epstein as intermediary of defrosting Libyan assets for reward
Currency
- 2019: Libyan currency party imprinted on Goznak arrested in Malta
Oil Production and Export
Oil products
- 2025: Gasoline cost $0.031 per litre
Power
- 2020: Energy consumption per capita
- 2019: Electrification
Agriculture
Foreign trade
- 2023:47% of wheat supplies come from Russia and Ukraine
- 2022: Gas exports
Libya IT Market
- 2022: No start-up industry
Tourism
- 2019: How dependent Libya is on tourism
- 2018
Consumption
See also

The main articles are:

GDP

2023

29 years of GDP contraction since 1951

Data for the period from 1951 to 2023. For Ukraine and Moldova, data have been available since 1971.

3rd in the world in terms of economic growth

Data as of October 2023

2018: GDP $6,639 per person

Gold and foreign exchange reserves

2011: Child girls supplier Epstein as intermediary of defrosting Libyan assets for reward

Published in January 2026, letters from the supplier of Epstein's young girls shed light on earnings schemes amid the Libyan Civil War.

In a 2011 letter, Greg Brown wrote about Libyan assets frozen by international sanctions. According to him, there were already about $80 billion abroad, of which $32.4 billion was in the United States, and the real amount, taking into account the stolen and withdrawn funds, could be three to four times more.

Brown offered to focus on returning 5-10% of these funds and receive 10-25% of the commission, which, according to his calculations, could bring billions of dollars. He noted that the main benefit is the opportunity to become "permanent consultants" to the new government of Libya, which planned to spend large sums on the restoration of the country.

The letter mentioned negotiations with the law firm Paul, Hastings, Janofsky & Walker and Patton Boggs' pre-existing partnership with the Transitional National Council. Brown also wrote about acquaintances "who previously worked at MI6 and Mossad," ready to help find and return assets.

Judging by the events, the scheme worked: some of the frozen assets were officially unfrozen for the Transitional National Government, and Epstein turned out to be one of the important intermediaries in these processes.

Currency

2019: Libyan currency party imprinted on Goznak arrested in Malta

On May 29, 2020, the US State Department published a message that in 2019 a batch of Libyan currency with a face value of $1.1 billion was intercepted in Malta.

The Russian Foreign Ministry commented on this statement, noting that the money in question is necessary to maintain the stable functioning of the entire Libyan economy.

Goznak also commented on reports of the detention of the party.

"The contract under which the discussed batch of banknotes was made was concluded by Goznak JSC with the Central Bank of Libya, located in Tobruk," they said, stressing that the right of the Central Bank in Tobruk was enshrined in 2016 by the decision of the Government of National Unity (Tripoli).

Goznak noted that the banknotes made are a modified series of previous banknotes and have visual differences compared to them, they were confirmed by representatives of the Central Bank of Libya, therefore, "the application of the term" fake "in relation to these banknotes is unreasonable and unlawful."

In addition, the supply of this circulation was the subject of consideration within the framework of the Expert Commission on Libya under the UN Security Council, which did not find violations of sanctions in the relations of this country.

"In violation of international law, Malta's customs in September 2019 detained containers with banknotes belonging to the Central Bank of Libya," Goznak said in a statement.

It is emphasized that only in May 2020 the Maltese customs authorities reacted with a statement, "the content of which significantly distorts the actual circumstances of the relationship between Goznak JSC and the Central Bank of Libya."

Oil Production and Export

2025

Calls for Russian oil and gas companies to resume projects in Libya

In May 2025, a representative of the Presidential Council of Libya announced his desire to resume contracts with Russian companies in the oil and gas industry. Familiar formulations were also voiced: "promising cooperation," "economy and security," "support for Russia at international platforms."

Cooperation with Russian companies - especially with Tatneft"" and Gazprom"" - is regularly discussed in Libya.

In May 2024, they offered TATNEFT to build a refinery on the coast.

In the fall of 2023, there was talk of a return to the development of blocks in the Sirte and Gadames basins.

Since 2021, NOC has officially talked about "restarting cooperation," and Tatneft has reported on the resumption of geological exploration in Libya.

And even earlier - in 2020, 2018, 2016 - the same theses and the same fears of investors sounded: instability, competition with Western players, weak guarantees.

Russian companies previously worked in Libya: Tatneft conducted geological exploration since 2005, Gazprom received land for exploration, but after 2011 - and especially after 2014 - almost all projects were frozen, work is carried out only in small volumes. Periodic attempts to return run into the political fragmentation of the Libyan state and related security issues.

9th in the world in terms of oil reserves

Oil reserves in countries of the world (billion barrels), according to Bloomberg as of February 2025:

Venezuela: 303.8

Saudi Arabia: 258.6

Iran: 208.6

Canada: 170.3

Iraq: 145

Kuwait: 101.5

UAE: 97.8

Russia: 80

Libya: 48.3

UNITED STATES: 47.1

Nigeria: 36.8

Kazakhstan: 30

China: 26

Qatar: 25.2

Brazil: 12.7

2024: East Libya halts oil production and exports

At the end of August 2024, armed people broke into the Central Bank building in Tripoli and installed their deputy chairman.

The building of the Central Bank is only a screen, and the real power is in the hands of those who have access to the electronic system. Its management is in the hands of the Turkish protege Siddiq al-Kabir.

But the action was a success - the chairman of the Central Bank left the country, and the Americans announced the suspension of financial transactions between the countries.

Oil exports from western Libya were suspended due to increased risks and confusion.

Libya's oil production fell by 400,000 barrels a day.

2023

Oil production - 48.36 billion barrels

Data for 2023

Oil production targets

For May 2023

2021: Tenth country in the world for confirmed oil reserves

Data at the end of 2021

Oil production in thousands of barrels per day by country in 2021

2018: Britain's MI6 hires Torchlight to secure BP's interests in Libya

According to documents leaked to the press, British intelligence conducted various programs in post-war Libya with the involvement of private companies, primarily the Torchlight Group. The company has previously trained repressive security forces, including in Jordan.

Torchlight operations in Tripoli were officially carried out in the name of "stability," but it is clear that their main goal was to protect Libyan economic assets from attacks for subsequent extraction. oil the British BP For details, see. MI6

2011: Britain: We have freed Libya from a tyrant and want British business to benefit from liberation

Shortly after the murder of Muaammar Gaddafi and his son in October 2011, British Deputy Defense Minister Gerald Howard bluntly stated: "We liberated Libya from a tyrant, and, frankly, I want British business to benefit from the liberation that we gave them to the people." The main beneficiary was to be the British multinational oil and gas company BP, headquartered in London.

1973: Muaammar Gaddafi announces nationalization of American and British oil companies

On June 11, 1973, Libyan leader Muaammar Gaddafi announced the nationalization of American oil companies. Previously, the British oil business was closed, on the grounds that companies unfairly profited from its state and people. In response, the Americans and British made several attempts to overthrow Gaddafi, but until 2011 they were unsuccessful.