The capacity of Libya in the next five years will not be enough to replace the black gold from Russia for Europe, said Minister of Oil and Gas Mohammed Aoun.
According to him, if local companies are able to help the EU, then only in five to seven years. At the moment, Libya is unable to satisfy the “appetites” of European consumers.
Oil and gas company from Italy, Eni, announced earlier that it was going to replace Russian oil with the help of supplies from the international raw material market.
In turn, Markus Jerger, managing director of the Association of Small and Medium Businesses of Germany, noted that a jump in fuel prices threatens mass unemployment.