Industry in Libya Last updated on
Thursday 22nd April 2010
The discovery of oil in 1959 has transformed Libya from a poor nation at the time of its independence, to a far more prosperous one, ranking 12th among petroleum producers worldwide in 1991. The main oil fields are linked by pipeline to terminals on the coast, and Libya produces about 1.5 million barrels per annum.
Oil reserves are said to be only moderate, however, with enough oil to last for about 50 years at the present rate of extraction.
The petro-chemical industry, which depends on the oil sector for raw materials, has grown rapidly, with large-scale industrial complexes situated at Ras Lanuf and Bu Kammash. Oil now provides the government with its main source of revenue and constitutes 99% of Libya's exports.
All manufacturing and private-sector industries have been nationalized. These include food-processing, textiles, tanning and the production of traditional handicrafts.
The fishing industry lands mostly tuna and sardines in fairly small quantities. Sponges are also collected near the shoreline.
Minerals include marine salt and potash.
As you like 'Industry in Libya' you may also like following articles . . .
Prior to the discovery and exploitation of oil and natural gas in the Sultanate of Oman in the mid-1960’s, its economy used to consist mostly of fishing, agriculture and traditional crafts...
Jordan's industrial production declined by about 20% after the occupation of the West Bank. Small, domestic industries on the West Bank included the production of soap, cigarettes and olive...
Iraq's most valuable industry is the production of petroleum and natural gas. Foreign-owned companies totally controlled the industry in the early 70s, but these were nationalized by the...
It was in the 1960's that Syrian manufacturing industries began to grow significantly. The government encouraged industrialization by raising tariffs on imported consumer goods and...
Egypt's early attempts to industrialize during the 19th century were thwarted by the colonial powers who aimed to monopolize African and Asian markets, while exploiting their natural...
Small manufacturing enterprises dominate Morocco's manufacturing sector. Factories produce chemicals (1.1 million tons of phosphoric acid annually), textiles, construction materials (5.8...
Agriculture - products: wheat, barley, oats, grapes, olives, citrus, fruits; sheep, cattle
Exports: $13.7 billion (estimation of 1999)
Exports - commodities: petroleum, natural gas, and...
