FINANCIAL NEWS

GE seeks USD10b revenue from Libya

31 May 2012

(MENAFN) General Electric seeks to gain up to USD10 billion in revenue from Libya, as the North African country is amid reconstruction of its economy, infrastructure, and institutions, in response to the demands of its population, Arabian Business reported.

Regional President and CEO Nabil Habayeb said that GE sees in Libya a large market for all of its business segments and has been in talks with the provisional government.

He added that Libya could be another Iraq, another Saudi Arabia, as the country is set to host major infrastructure projects, which could generate USD6-USD10 billion in revenue for the company.

Libya, which has about 3.5 percent of the world’s proven crude oil reserves, produced before the revolt against Gaddafi about 1.77 million bpd of crude oil, equivalent to 2 percent of global output and close to 0.2m barrels-equivalent of natural gas, according to the International Monetary Fund.

IMF also expected Libya’s GDP to jump by 76.3 percent this year, after it contracted by 61 percent last year.

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