United World: Give us a brief overview of the company.

Eng. Musmari: This is one of the largest Libyan oil company in the country. It currently produces around 440, 000 b/d. AGOCO was established following the implementation of law no. 115, issued by the revolutionary Council in 1971. This is why the shares of BP at the time were nationalized and this was our main concession. We used to be a separate company called AGICO but we later merged with another company and became known as AGOCO. We operate in eight fields. We sometimes operate fields owned by other companies. We have with two refineries. All production goes to Tobruk. Both refineries have about 30,000 b/d capacity per day. We are completely owned by the National Oil Company; we are operators and we are financed in full by the NOC.

United World: How will the arrival of foreign companies into Libya's oil market impact this business?

Eng. Musmari: It won't really affect us. I think it will be an opportunity to develop some of the marginal fields.

United World: What are some of your near-term objectives?

Eng. Musmari: As an oil production company, we have major in gas utilization. We have started a major study regarding this issue. As for oil activities, we have developed some of the fields which need development; it has been complete development for some of them. We are open for all options in the future; it could be in the form of joint-venture projects or simply deepening our engineering activities.

United World: Americans and Libyans work well together. Would you agree with that statement?

Eng. Musmari: I see no reason why they wouldn't, especially in the oil sector because they have a lot of opportunities for investment in this sector. The United States also had an early start in the country. Today, there are opportunities for investment in advancement of technology, updating of human resources. One of Libya's main objectives is sustaining its reserves by updating them. This will require a lot of research, an in-depth engineering work. We need to continuously replace what we are producing.

United World: What would you say are Libya's main advantages as an investment destination?

Eng. Musmari: The most obvious reason is location; this plays a vital role in an investor's decision. The other thing is infrastructure (in the oil sector); the piping network, the major oil-exporting ports and we have very good human resources in this sector as well. Naturally, the low cost in oil production is another advantage. We also have a natural harbor that can be used almost all year-around.

United World: With regards to the refineries, what plans do you have in terms of expanding them or increasing their capacity?

Eng. Musmari: We have active plans to increase the capacity of our refineries. This is an opportunity for foreign investors who are interested in a joint-venture project. We may also (possibly) add new refineries.

United World: Can you give us your perspective on some of your greatest challenges here.

Eng. Musmari: One of our greatest challenges was how to maintain the high production rate we had. We maintained it throughout the decades, even under the sanctions. The other thing is our safety record; we have had very minimal fatalities. Another development is prioritizing the protection of the environment and archeological sites or findings when we are in the field.

United World: What is your message to investors?

Eng. Musmari: We expect investor to import their technological know-how, as well as take steps for transfer of technology. We would also expect investors to be just as concerned about the environment and the protection of our heritage as we are.

United World: What is your message to our readers in terms of what Libya is today and where it stands in the foreign investment playing field?

Eng. Musmari: I think Libya is opening up and it's turning into a destination with a high potential for investment. It is a safe and stable country in comparison with the rest of the region. I'm sure the Americans and Europeans will find Libya as a very good place for investment.

United World: Could you tell us little about yourself?

Eng. Musmari: I graduated from the University of California (?). I worked with Arabian Gulf Oil for seven years. I was then asked to join a major project offshore for AGIP Oil (ENI Oil) I then came back to Gulf Oil. Eventually, they asked me to chair the company.