Western oil majors fear reversal on cooperation by Gadhafi
CAIRO Ñ Western energy majors fear a campaign to reduce their
presence in Libya.
Executives and analysts have expressed concern that the regime of Libyan
leader Moammar Gadhafi would launch a drive to reduce the interests of
several Western energy companies in the North African state.
They said the
resignation of the chairman Libya's state-owned National Oil Corp., Shukri
Ghanem, could signal a hostile Libyan policy, Middle East Newsline reported.
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"Ghanem understood the need for good cooperation with Western
investors," an executive said. "I think the policy will change for the
worse."
The assessment came in wake of Libya's suspension of a major project by
Canada's Verenex. Libya then blocked the sale of Verenex to the state-owned
China National Petroleum Corp. and then bought the Canadian firm.
