Libya: Economic Development

 On 22 December 2011, the European Union (EU) unfroze all assets of the Central Bank of Libya and the Libyan Arab Foreign Bank, according to Reuters. In a separate article, Reuters reports that port workers in Tripoli went on strike 01 January to demand better working conditions and government invest-ment to repair damage caused by war and dec-ades of decrepitude that pre-dates the conflict. According to Reuters, JBC Energy analysts expect the rebound in Libya’s oil output to continue slowly during 2012, reaching 1.2 million barrels per day (bpd) on average, compared to 0.9 million bpd at present. A separate Reuters article reports that global oil companies that signed contracts with Moammar Gaddafi’s regime are concerned about possible revisions under the new regime. According to the National, Libya requires dramatic expansion of every aspect of the economy from banking to infrastructure in order to prepare for its rise as a North African economic power. Reuters reports that Libya will supply four major European trading houses with crude oil in 2012. This is a break from the previous policy by which Libya’s state oil company only sold crude to refiners in the region.

 (Source: CFC Weekly Sector Review)

 

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