Libya's warring factions pledge general elections after US mediation

Libya's major factions have agreed to hold unified general elections in February, signaling a potential path toward national reunification after more than a decade of division and conflict. This development follows intensive mediation efforts, reportedly involving the United States, aiming to end the fragmentation that has plagued the North African nation since the 2011 uprising against dictator Muammar Gaddafi.

The agreement, presented to the UN, involves key players like the Tripoli-based government led by Prime Minister Abdul Hamid Dbeiba and Khalifa Haftar, the aging warlord controlling eastern Libya. The White House's involvement, notably through businessman Massad Boulos, whose son is married to Donald Trump's daughter, has been instrumental in fostering dialogue between these opposing camps. Boulos has spent the past year facilitating discussions between Dbeiba and Haftar.

Since Gaddafi's fall, Libya has fractured into numerous competing blocs. The UN-recognized government in Tripoli receives Turkish backing, while Haftar, a long-time associate of Gaddafi, commands the east with support from Russia, Saudi Arabia, and the UAE. Haftar's forces were at the gates of Tripoli in 2020 but were repelled, leading to a tense ceasefire that has largely held.

The potential return of stability has also attracted renewed interest from international energy companies. Driven by US diplomatic engagement, oil giants Chevron and Exxon Mobil are reportedly considering re-entering Libya. The country possesses vast oil reserves, estimated at 48 billion barrels, which are considered among the world's least environmentally damaging and easiest to refine. However, the sector has suffered from underinvestment due to the persistent instability, requiring massive capital injections for recovery.