Libya, Spain to Review Ghadafi-Era Contracts

Libya and Spain agreed on Monday form a joint committee to review the contracts signed by Spanish firms with the previous regime of Col. Muamar Ghadafi.

According to the Libya Herald, the accord was reached during the visit to Tripoli of Spain’s foreign minister, Jose Manuel Garcia-Margallo, and its development minister Ana Pastor, who are visiting Libya with a delegation of approximately 15 business executives.

Mr Marcia-Margallo said that he and his colleagues were the first Western governmental delegation to meet in Tripoli with Libya’s new government.

Libya’s acting foreign minister, Mohamed Abdelaziz, welcomed Spanish companies and emphasized the "exceptional" economic phase his country is passing through.

Spanish company Repsol produces 300,000 of the more than 1.5 million barrels of oil per day output in Libya.

The Spanish-Libyan committee will analyze the situation of the firms that had investments in Libya before the revolution, which signed contacts with the Gadhafi regime or which are awaiting payment for goods and services rendered.

Abdelaziz said he was in complete agreement with the plan and added that the solution for those companies must also be applicable to the rest of the foreign firms doing business with Libya.

(Source: Libya Herald)

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