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FINANCIAL NEWS
Chinese fears canceling their contract in Libya
28 Aug 2011
(MENAFN) Chinese Minister of Commerce, Wen Zhongliang said that China pleaded Libya’s rebel government to maintain all the Chinese oil contracts, after the rebel government’s warning that Chinese oil contracts might be canceled, reported gulf news.
Zhongliang stated that there are some fears that Chinese and Russian firms might lose their contracts in Libya as a result for not supporting the rebellion against Al- Gaddafi.
The Chinese projects on the Libyan land especially in oil and energy sectors are joint projects between the two countries and will benefit both the people of China and Libya, The Chinese Minister of Commerce added
It is worth mentioning that these increasing Chinese fears came as result of the Arabian Gulf Oil company (AGOCO) information manager Abdul Jalil Mayouf’s warning to China that Libya might cancel the Chinese and the Russian contracts since China and Russia did not support the rebel against the overthrown Libyan president Muammar Al- Qathafi.
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