In an exclusive interview with Energy Capital & Power at the Libya Energy & Economic 2024 Summit last January, Zakaria Al Barouni, CEO of AlBaraka Insurance, outlined the company’s strategic vision and insurance solutions tailored to Libya’s energy landscape. AlBaraka Insurance, having partnered with industry giants like TotalEnergies, aims to extend its footprint to Benghazi, catering not only to traditional oil and gas firms, but also emerging players in solar and construction sectors.
What prompted your decision to choose Libya as a base for AlBaraka Insurance?
The country has untapped potential. Despite a 1,900-km coastline offering vast potential in tourism, and the production, importation and exportation of oil, we face challenges in development. Now that Libya is prioritizing infrastructure growth – with major companies like Eni, Repsol and TotalEnergies investing in oil production – an opportunity for rapid business growth has emerged.
We have successfully expanded our services and offered diverse insurance products covering banking, machinery, aviation, fire and property to a wide range of clients in just one year. We see immense opportunities for collaboration with the government and investors.
Please elaborate on the companies with which AlBaraka Insurance collaborates.
We collaborate with major oil and gas companies, including TotalEnergies, Akakus, Zallaf, RASCO, Agoco and the General Electric Company of Libya. We insured the construction of a large-scale power plant project with Korean firm Dow in the west of Tripoli and another one near Misrata, valued at $1.2 billion. We work with local private businesses and government entities, including municipalities of Tripoli, Abu Salim, Benghazi and Misrata to encourage local traders and businessmen to prioritize insurance.
In addition to our existing collaborations and projects, we are committed to expanding our business across Libya, with a particular focus on Benghazi, to ensure comprehensive coverage and support for all energy companies and stakeholders throughout the country.
