Sunday, November 20, 2011

Ruin & Rebuild: Warfare worth $300bln Libya windfall



Libya has big plans for its post-war future, hoping to be reborn as the next Dubai and having all the necessary sun and beaches, with oil reserves aplenty. British companies are likely to come out on top of those lining up for a piece of the action.

It was France and the UK who initially led the effort to topple Colonel Muammar Gaddafi. Britain, together with France, sent their navy and fighter jets to establish a sea blockade and assault military targets on Libyan territory.

Now the National Transitional Council (NTC) of Libya says its friends will be rewarded – and these are not just words.

In the last two weeks, the UK Department for Trade and Industry led a working party to Libya to look around at what needed rebuilding. The British government department estimates that Libyan contracts, in sectors from oil and gas to education and construction, could be worth some $315 billion over the next decade.

Oil firms Shell and BP have already held talks with the Libyan transitional government, which pledged to honor the Gaddafi-era contracts with them.

Now the NTC delegation is in London to hold talks with top business executives on the “massive opportunity to rebuild Libya.” more