Friday, September 2, 2011

UK to send team to secure Libya oil deals

Source: Press TV

After imposing the war for oil in Libya, the British government is to send a team of negotiators to Tripoli to make sure that UK firms do not lose out to Russian and Chinese companies over oil contracts with the new Libyan government.

The government department responsible for the promotion of the country's business revealed that its team of trade officials will go to the Libyan capital “very soon” in order to begin talks with the new ruling National Transitional Council (NTC) and to sign lucrative oil deals.

Senior Whitehall officials confirmed the news, insisting that British Trade and Investment is planning to renew its oil contracts in Libya quickly, amid rising fears that Russian and Chinese oil firms are seeking to secure the best of the contracts.

“British oil companies have been major players in Libya and I'm sure that they will want to get back in there,” a Whitehall source said.

UK Trade & Investment's spokesman earlier disclosed that the government is planning to win the lucrative deals in Libya's oil market. Saying: “As soon as the situation on the ground allows, UKTI has plans to provide in-country support and advice to companies wishing to be part of the reconstruction effort.”

Libya is a country possessing a tremendous amount of oil, which is sweet crude. Right before the Western powers launched their air strikes back in March, the oil-rich country produced around 1.6 million barrels per day. It was the world's seventeenth-largest oil producer and the third largest in Africa. However, after six months of war, Libya's oil production has been reduced to just 100,000 barrels per day.

While Russia and China declined to support the NATO military operation in Libya to oust Muammar Gaddafi, they are now fighting to land profitable energy and construction contracts with Libya.

The Russian Africa envoy, Mikhail Margelov, revealed that the Russian government who had signed energy and infrastructure deals worth billions with Gaddafi's regime, would not miss out. “We intend to uphold Russian economic and other interests in Libya,” he said.

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