Libya calls for foreign companies to invest in its oil sector
On Tuesday, July 23, Libya’s Foreign Minister, Abdel Rahman Shalgham, called for foreign companies to invest in the country’s rich oil sector. Shalgham added that Libya is willing to form alliances with foreign companies for the exploitation of its oil resources.
"We are planning to modernize the wells whose productivity has dropped, as well as the petrochemical industry, including the al-Zawiyah refinery which is waiting to be exploited by international companies," Shalgham told AFP news agency.
Libya is inviting US firms to reinvest in the country’s oil sector as it has prior to the 1996 Washington-imposed Iran-Libya Sanctions Act (ILSA) which aimed at preventing companies from investing more than $20 million yearly in either country, due to their support in terrorism.
Several firms, including Britain's BG Group and Italy's Agip, have recently showed interest in pursuing such oil projects. — (MENA Report)
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