Libya says oil sector won't nationalize

The Libyan government intends to uphold agreements between foreign investors and the previous regime, an interim leader said at an oil conference in Dubai.

Mustafa el-Huni, deputy chairman of the interim Transitional National Council, told potential investors in Dubai that it was business as usual in post-revolution Libya.

"We have no intention to nationalize or do something radical," he was quoted by the Platts news service as saying. "Libya is in essence a moderate country that will look at implementing moderate policies."

International oil companies with Gadhafi-era contracts, some of which expire this year, may be extended, added oil committee member Abdulbaset Abadi.

Abadi said Tripoli aimed to attract foreign investors to the country with the aim of increasing oil production from around 1.6 million barrels per day to as much as 3 million bpd by 2020.

The interim government said it expects to generate about $45 million from the oil and natural gas sector this year.

(Source: UPI)

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