Gaddafi urges investment in oil sector

Gaddafi urges investment in oil sector
# 14 March 2011 13:29 (UTC +04:00)
Baku - APA-Economics. The Libyan ruler has urged Russia, China and India to invest in the Libyan oil sector as the ongoing turmoil continues to wreak havoc on the country’s oil industry, Press TV reported.

"In the discussions with the ambassadors ... a call was made for the companies of those countries to invest in the Libyan oil industry," Reuters quoted Muammar Gaddafi as saying in his meeting with Chinese, Russian and Indian ambassadors on Sunday.

The appeal was made when the Libyan oil exports have been hardly hit by weeks of deadly clashes between pro-Gaddafi forces and opposition groups as well as a string of international sanctions on the country’s oil industry and refusal of banks to fund deals.

Reports say Libyan oil production has dropped to 200,000 or 300,000 barrels a day in the aftermath of the Libyan revolution.

Libya produces two percent of the oil extracted worldwide, although it is responsible for 10 percent of the European market, with Italy the main buyer of Libya’s oil.

Oil operation plays a fundamental role in Libyan economic growth, representing 95 percent of exports and 25 percent of the country’s Gross Domestic Product (GDP).
#
#

THE OPERATION IS BEING PERFORMED