Gaddafi urges Russia, China, India: invest in Libya oil

Tuesday, 15 March 2011 00:03 -     - {{hitsCtrl.values.hits}}

(Reuters) - Libyan leader Muammar Gaddafi urged Russia, China and India on Sunday to invest in Libya’s oil sector, state television said.

It said Gaddafi had made the appeal during talks with the ambassadors of the three countries.

“In the discussions with the ambassadors ... a call was made for the companies of those countries to invest in the Libyan oil industry,” it said.

Libya’s oil exports have been heavily disrupted by fighting, lack of staff, international sanctions and refusal of international banks to fund deals in the wake of a bloody uprising.

Crude fell more than $1 a barrel after Gaddafi’s forces regained control of some territory over the weekend

Some industry players and analysts estimate it may take a year for operations in the OPEC member, which before the unrest produced 1.6 million barrels per day, to return to normal. Major foreign players operating in Libya include Italy’s ENI (ENI.MI), U.S. companies ConocoPhillips (COP.N) and ExxonMobil (XOM.N), Anglo-Dutch oil major Shell (RDSa.L) and Spain’s Repsol (REP.MC). Russia and China, which are both veto-wielding members of the U.N. Security Council, have so far opposed a proposal to impose a no-fly zone over Libya.