Libya's Biggest Companies
There are many big companies located in Libya. Due to the richness of the country in oil, most of these companies are somehow associated with the oil and energy industry. However, the steel industry is also a huge dominant force in the economy as well. There are many foreign companies that have a dominance in the economy, as well as local companies that also play a huge role in the economy.
The Liyan Iron and Steel Company, called LISCO for short, is one of the major companies that dominate Libya. This is a domestic company and is owned by the Libyan government. The company produces steel products to be used all around the globe, however, they mainly export to Spain, Italy and other European countries. They also do a lot of sales locally. Annually, the company produces approximately 1,324,000 tons of liquid steel, more than any other steel company in the country.
The National Oil Corporation, or NOC for short, is the biggest oil company in Libya, and have many smaller companies that comprise it. The corporation was first developed in 1970. They do more than just drilling for oil, they also look for natural gas supplies. In addition, they refine their own oil to ship all over the world, and bring in a huge income to the economy of Libya. This corporation basically dose it all, researching aspects in the oil world, making sure that the safety standards are followed, and they publish all their findings for the rest of the world to read and implement. They are really a standard setting domestic company.
Given that Libya is one of the best countries for oil, there are several foreign companies that are involved in the economy. BP is perhaps the biggest company and has invested around $900 million into the country in order to drill and find more oil reserves. For the United States, Exxon Mobile is also a large company that has dominance in Libya. They have invested at least $97 million for the rights to explore for oil, they are also in a deal with some of the biggest oil companies in Libya as well.
One of the biggest non-oil related companies in Libya is the Central Bank of Libya. This bank has been in business since 1956 and is owned by the state. Its main goal is to improve the economy and has a huge role in maintaining the currency in the area, as well as maintaining foreign and domestic investments. The bank plays a dominant role in the economy of the area, and since it is government owned, it will always have this dominance.
Overall, the economy in Libya is centered around the oil and natural gas field. With the bulk of Africa oil be found in Libya, this what their economy is based off of. However, the steel industry is slowly closing that gap. Due to this rich abundance in oil and natural gas, many foreign investors are always interested in somehow partnering up to reap the benefits of the findings, which does help to improve the economy for those living in Libya.
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