A senior Libyan official said on 1st September that his government welcomes Chinese investments to exploit the vast oil reserves in the north African country.
"We welcome foreign oil investments, no matter they are from Chinese companies, European companies or US companies," said Ahmed Ibrahim, assistant general secretary for media affairs of Libya's People's Conference. "The door is open (to everyone)," he told reporters, denying there was discrimination against any specific companies. He added that so long as the companies are able to offer quality services, their investments are welcomed by the Libyan government.
Libya has been a major oil producer in the Organization of Petroleum Exporting Countries (OPEC). The country earned an estimated 18.2 billion dollars from oil exports in 2004, 38 percent up compared with 2003 revenues. For 2005 and 2006, Libya is projected to earn 24 billion dollars and 25 billion dollars respectively from oil exports, according to an OPEC report.
Libya has total proven oil reserves of 39 billion barrels, according to the Oil and Gas Journal, but the country remains highly unexplored and has big potential for more oil discoveries. US oil giants are prepared to return to Libya as relations between Libya and the West have rapidly improved since Tripoli announced decision to stop seeking weapons of mass destruction in December 2003.
