Wednesday, October 26, 2011

Foreign companies to fight for Libyan oil

Azerbaijan, Baku, Oct. 24 / Trend, A.Tagiyeva/

Foreign companies will begin fighting for the Libyan oil and gas fields, particularly they will be the companies of countries that were active in the struggle to overthrow Gaddafi’s regime, said a leading economist at the Egyptian Al-Ahram Center for Strategic and Political Studies, Ahmed al-Sayed Al-Naggar.

“Countries such as France, Italy, UK and USA will compete for exploration and development of oil fields,” Al-Naggar told Trend by telephone from Cairo.

According to expert, during the struggle to overthrow Gaddafi’s regime, “NATO intentionally inflicted air strikes on oil fields, as a result of which, the mining infrastructure of the country was practically destroyed. This was done so that Libya would be in need of foreign investments and Western aid in the energy sector after the war”.

“The new government of Libya is unlikely to nationalize Libyan oil, since they do not have sufficient capacity for its production. Libya needs foreign investments to restore the oil industry,” said Al-Naggar.

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