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FINANCIAL NEWS
Libya’s NTC plans to re-assess USD150b in Intl contracts
08 Sep 2011
(MENAFN) US ambassador to Libya, Gene Cretz, said that the Libyan National Transitional Council (NTC) would re-evaluate international contracts worth USD150 billion that were on the move when the political conflict started, reported Bloomberg.
Cretz added that the council would review contracts, especially those signed with international oil companies, in order to determine which ones were effective, which had to be restudied, and which had to be canceled.
He also said that even before the conflict began, Libyans needed everything from roads to airports, although the country had its oil wealth, adding that Libya would need to build what was destroyed by the civil war and the NATO bombing.
It is worth noting that many foreign countries want to protect their interest in the Libya, mainly Italy, Russia and China, that had business contracts before the start of the conflict.
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